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Anyone already have plans for their tax return in 6 months?

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Anyone already have plans for their tax return in 6 months?

Old 08-17-05, 07:18 AM
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Anyone already have plans for their tax return in 6 months?

I've found as a homeowner that I make plans for our tax return well before it arrives. Before, I'd just blow it on upgrading my computer or video games and DVDs. Then after that, I had car payments and credit cards and paid off a car, then threw the rest at credit card debt. Now that isn't a problem, but I look around our new house and see things I'd like to spend it on. However, we've already decided that replacing interior doors and trim can be done throughout the year. We're going to put up an expandable solar array and see how many kilowatt hours we can produce, then possibly make plans to replace our gas furnace with an electric one designed for peak efficiency, depending on the solar production.

Anyone else earmarked their big check yet?
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Old 08-17-05, 07:23 AM
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Now that I have a mortgage payment, I've been using the old credit card a bit too much, so first of, that will get paid off. The only good thing is since I have the mortgage I can expect quite a bit more back at tax time. The rest will probably go into savings.
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Old 08-17-05, 07:34 AM
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Originally Posted by PrincessT
We're going to put up an expandable solar array and see how many kilowatt hours we can produce..
WTH!?

See if it can generate 1.21 jigawatts so you can get back to 2005... Man, that stuff sounds high tech like!
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Old 08-17-05, 07:43 AM
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it all goes to the credit cards that get my through the year!
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Old 08-17-05, 07:45 AM
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getting back a big check is always a bad idea, unless you can't save. I don't like giving the government an interest-free loan for a year. Breakeven is my goal!

I like the solar idea--big tax breaks IIRC.
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Old 08-17-05, 08:38 AM
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I'll be using my return as spending money for the Daytona 500!!
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Old 08-17-05, 08:43 AM
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With any luck, we'll owe the government a nominal sum once again.
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Old 08-17-05, 08:55 AM
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Originally Posted by tdirgins
getting back a big check is always a bad idea, unless you can't save. I don't like giving the government an interest-free loan for a year. Breakeven is my goal!

I like the solar idea--big tax breaks IIRC.
Hopefully next year we'll be able to adjust our witholding so we pretty much break even, but this year has been full of financial changes for us--sold a townhouse, bought a house, paid off a car and much of our credit card debt, student loans came due and were already consolidated at low interest rates prior to the due date, new job, raise for the husband, changes in our 401k, etc. Our accountant is great and as part of his fee, he also provides financial planning services and has already made plans to work out our ideal witholding so we keep most of our money next year.

Man, with gas prices I'm so glad I ditched that 60+ mile commute round trip. Lots of good choices for us this year.
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Old 08-17-05, 10:17 AM
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We will probably owe a small amount (hopefully small). Our consulting income will probably be lower than last year. I'm hoping that when I pay my next quarterly that we'll pretty be where we need to be for the year.



Just as a nitpick, please try not to use the phrase "tax return" and "tax refund" interchangeably.
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Old 08-17-05, 10:21 AM
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Don't know. I am trying to arrange my income in the best possible scenario, but I have a few things this year that may hurt me. I bought and sold a lot for a $10,000 profit, but didn't hold it long enough to be a capital gain, so it will be considered regular income. But it is on a contract, so it may not pay off until next year.

Hopefully I do things correctly and minimize my taxes.
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Old 08-17-05, 10:56 AM
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Pay off a car and hopefully have enough $ left over to get each of us a nice gift. If so I'll be upgrading some speakers.
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Old 08-17-05, 01:04 PM
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OMG!!! Don't you know??? You're not supposed to get a return!!! You're giving the govt a no interest loan!!!
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Old 08-17-05, 01:17 PM
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I'm hoping to upgrade my boobies.
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Old 08-17-05, 01:58 PM
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Originally Posted by Kittydreamer
I'm hoping to upgrade my boobies.
No don't do it. I like your boobies just the way they are!
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Old 08-17-05, 02:03 PM
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Yea we do the same thing. I know it would be "smarter" to break even and then just put the extra money in each pay check in to a saving account, but we never seem to do it.

I get two pretty large things in three months. Usually get the tax by mid Feb and then my "bonus" come in mid April. Usually we ear mark one for a family trip. I think in 2006 we will put the other in a fence. The previous owners never put one up, instead putting up a row of red tip photinia. Those will be a bitch to pull out. If I pull those out myself, then will save me a bunch of $$ I'm sure, but not sure I want to tackle them. If it was only two or three would be one thing, but I bet I got around 12-15 of the damm things.
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Old 08-17-05, 02:32 PM
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If I get a refund, I usually put in Savings. Helps if your receive one of those "Examination" notices from them.
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Old 08-17-05, 02:37 PM
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I'm a new homeowner too, but I've increased the number of exemptions so that I'm nearly at zero when tax times comes.
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Old 08-17-05, 02:45 PM
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Not this year, but next year I'll have a new house, so I'll be doing the same thing that ChiTown is.
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Old 08-17-05, 02:52 PM
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Originally Posted by Kittydreamer
I'm hoping to upgrade my boobies.
Booby upgrades are such an odd thing. Men have managed to convince women that it is a normal thing to do. When you start having guys go under the knife for a penis upgrade, I may feel a little differently. But for now....quit letting your boobs control you.
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Old 08-17-05, 02:56 PM
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Not sure yet but hopefully something "fun" this year all we did was pay backed up bills.

Paying bills is teh major suck..
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Old 08-17-05, 05:26 PM
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Tuition and books.

If there's anything left over, I might invest in a lapdance.
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Old 08-17-05, 06:19 PM
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In the next two months i'm getting married and buying a house. Need I explain more where my money is going?
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Old 08-17-05, 09:33 PM
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If we get anything back, it will almost certainly go toward our home loan.
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Old 08-17-05, 11:03 PM
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Nope. I don't really think of it.
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Old 08-18-05, 01:24 AM
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Nah, I'm still making my plans for the next DDD sale.
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