Destiny Posted February 7 Report Share Posted February 7 tax refund check on???Yea I'm boring...I'm paying bills, then putting some into savings, then going on a sick shopping spree. Quote Link to comment Share on other sites More sharing options...
bumpdaddy Posted February 7 Report Share Posted February 7 same thing I always spend it on.... my first vacation of the year.. Quote Link to comment Share on other sites More sharing options...
djprotege Posted February 7 Report Share Posted February 7 I wont be getting one... Quote Link to comment Share on other sites More sharing options...
joeg Posted February 7 Report Share Posted February 7 cocaine and hookers?? Quote Link to comment Share on other sites More sharing options...
Ronin Posted February 7 Report Share Posted February 7 I'll be getting my $3000 bonus and my tax return around the same time, so I and definite putting some into savings, and payin for my WMC trip with a portion. The rest I will use for an apartment and furnishings I hope. Quote Link to comment Share on other sites More sharing options...
c-luv Posted February 7 Report Share Posted February 7 my shore house :) Quote Link to comment Share on other sites More sharing options...
dgmodel Posted February 7 Report Share Posted February 7 Originally posted by Destiny tax refund check on???Yea I'm boring...I'm paying bills, then putting some into savings, then going on a sick shopping spree. put it in the bank... Quote Link to comment Share on other sites More sharing options...
phatman Posted February 7 Report Share Posted February 7 ...furniture and/or partial payment on an HDTV... Quote Link to comment Share on other sites More sharing options...
misk Posted February 7 Report Share Posted February 7 Originally posted by Ronin for my WMC trip with a portion. .,.....DITTO..... Quote Link to comment Share on other sites More sharing options...
funkyfreshdc Posted February 7 Report Share Posted February 7 Originally posted by dgmodel put it in the bank... in the bank?? with these interest rates she may as well put it under her mattress(unless she's got an ING account) Quote Link to comment Share on other sites More sharing options...
dgmodel Posted February 7 Report Share Posted February 7 realistically, how much could the average tax return be couple hundred dollars, a thousand maybe??? thats hardly enough to put into any investment that would have a reasonable return for her money... a hundred shares of some blue chip??? a couple hundred shares of a penny stock??? put it in a cd for 1.5% or put it in the money market for 1.66%??? or maybe sit on a double E bond for two three years??? c'mon... so best option to me would be put it in the bank and save it... or pay off debt if she has... Quote Link to comment Share on other sites More sharing options...
Destiny Posted February 7 Author Report Share Posted February 7 Originally posted by dgmodel put it in the bank... gotta pay the bills hun, so it'll be in the bank, until the bills go through;) ...some is going into savings...i wanted to put some into investments but ehhhh...and the rest is going toward shopping because I'm up for a few jobs, and I need new clothes:tongue: Quote Link to comment Share on other sites More sharing options...
bumpdaddy Posted February 7 Report Share Posted February 7 Originally posted by dgmodel realistically, how much could the average tax return be couple hundred dollars, a thousand maybe??? thats hardly enough to put into any investment that would have a reasonable return for her money... a hundred shares of some blue chip??? a couple hundred shares of a penny stock??? put it in a cd for 1.5% or put it in the money market for 1.66%??? or maybe sit on a double E bond for two three years??? c'mon... so best option to me would be put it in the bank and save it... or pay off debt if she has... I think most people get back alot more than a couple of hundred... Unless of course you don't have any deductions and you file a 1040ez.. Quote Link to comment Share on other sites More sharing options...
bumpdaddy Posted February 7 Report Share Posted February 7 Originally posted by dgmodel realistically, how much could the average tax return be couple hundred dollars, a thousand maybe??? thats hardly enough to put into any investment that would have a reasonable return for her money... a hundred shares of some blue chip??? a couple hundred shares of a penny stock??? put it in a cd for 1.5% or put it in the money market for 1.66%??? or maybe sit on a double E bond for two three years??? c'mon... so best option to me would be put it in the bank and save it... or pay off debt if she has... I think most people get back alot more than a couple of hundred... Unless of course you don't have any deductions and you file a 1040ez.. I've been making decent money over the past year trading foreign currency and gold... I think it's come to an end tho .. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted February 8 Report Share Posted February 8 Originally posted by bumpdaddy I think most people get back alot more than a couple of hundred... Unless of course you don't have any deductions and you file a 1040ez.. yeah but most ppl arent in their early twenties... hey i could be dead wrong here im not an accountant... but for the most part from what hear and see from the ppl around me the average person in their early twenties gets a few hundred to a thousand back... Quote Link to comment Share on other sites More sharing options...
bumpdaddy Posted February 8 Report Share Posted February 8 Originally posted by dgmodel yeah but most ppl arent in their early twenties... hey i could be dead wrong here im not an accountant... but for the most part from what hear and see from the ppl around me the average person in their early twenties gets a few hundred to a thousand back... single people with no dependants generally have the most tax deducted from their pay and can usually get back around half of what was deducted with a few smart deductions.. Trust me I do it every year... never been audited and get back around 8-10k a year. A good way to reduce you tax liability while making an investment is to buy "distressed" rental properties.. Quote Link to comment Share on other sites More sharing options...
dgmodel Posted February 8 Report Share Posted February 8 are you serious... i must be doing something wrong here... but i was speaking in general about ppl who are in their early twenties working... not so much ppl who are well into their careers... Quote Link to comment Share on other sites More sharing options...
ghhhhhost Posted February 8 Report Share Posted February 8 Originally posted by bumpdaddy I think most people get back alot more than a couple of hundred... Unless of course you don't have any deductions and you file a 1040ez.. most people cant itemize so they just go for the standard deductions.. if theyre smart they open up an IRA and use that deduction....which in the long run benefits twice ..thrice over..its easy to get back money and a lot of it when ur established..but what can the avg 20-25 yr old itemize? most of the tax credits offered dont apply to u..cause u neither restore historical structures..employ "at risk" population groups..or employ welfare workers...my friend just got back 4gz..shes only 20...but she has a kid Quote Link to comment Share on other sites More sharing options...
bumpdaddy Posted February 8 Report Share Posted February 8 It's always easier to take the standard deduction but there are alot of deductions that people overlook .... Get yourself a copy of turbo tax and you'll see what I mean. Especially if you own any rental properties or do alot of work related traveling / entertaining.. Even when I was only making 40 k a year I always managed to get back 2-3k Quote Link to comment Share on other sites More sharing options...
fkornre Posted February 8 Report Share Posted February 8 hopefully with my tax refund i will buy alot of drugs...but most likely i will end up just paying bills and getting food... Quote Link to comment Share on other sites More sharing options...
ghhhhhost Posted February 8 Report Share Posted February 8 Originally posted by bumpdaddy It's always easier to take the standard deduction but there are alot of deductions that people overlook .... Get yourself a copy of turbo tax and you'll see what I mean. Especially if you own any rental properties or do alot of work related traveling / entertaining.. Even when I was only making 40 k a year I always managed to get back 2-3k i know eheh..im an accountant..im just talkin about us younger folk who dont have property/capital/businessfrom what ur saying..it seems u own ur own biz. thats the only way u can take deductions for entertaiment..and travel...cause the IRS dont let that shit fly just for any1...the only way u can deduct travel is if ur travel expense was for business..and even if thats the case u gotta prorate the % of time u were on business compared to the time for leisure...entertainment is the same thing...u can take a 50% deduction on tickets to sporting events..same thing with lunches..but u have to prove they're business lunches...its all subjective...u can fudge some of the #'s..but say u get picked for an audit..then what? ....i duno but to have 400$ deducted for/from my AGI isnt worth the interest and penalties the IRS hits ya with Quote Link to comment Share on other sites More sharing options...
bumpdaddy Posted February 8 Report Share Posted February 8 Originally posted by ghhhhhost i know eheh..im an accountant..im just talkin about us younger folk who dont have property/capital/businessfrom what ur saying..it seems u own ur own biz. thats the only way u can take deductions for entertaiment..and travel...cause the IRS dont let that shit fly just for any1...the only way u can deduct travel is if ur travel expense was for business..and even if thats the case u gotta prorate the % of time u were on business compared to the time for leisure...entertainment is the same thing...u can take a 50% deduction on tickets to sporting events..same thing with lunches..but u have to prove they're business lunches...its all subjective...u can fudge some of the #'s..but say u get picked for an audit..then what? ....i duno but to have 400$ deducted for/from my AGI isnt worth the interest and penalties the IRS hits ya with It's all about keeping good records... If you can document your deductions there's nothing to worry about. There are alot of gray areas.. People get caught up when they dont keep records.. or just make shit up... Quote Link to comment Share on other sites More sharing options...
nycchic24 Posted February 9 Report Share Posted February 9 the past couple of years i have gotten back at least 3K but then again i have a mortgage. i usually splurge on one item (ie. a designer bag) and put the rest in the bank (for vacation or sorts). This year will most likely be the same. a bag and then saving for vacation to Europe in june. ghhost.. snugglebunny has some tax questions for you. expect a pm or such soon. Quote Link to comment Share on other sites More sharing options...
ghhhhhost Posted February 9 Report Share Posted February 9 super...hopefully i can answer them Quote Link to comment Share on other sites More sharing options...
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