2013 Tax Return Thread

[giantkeeper]

We got $8500 back but my furnace just broke so most of it is already gone...

And yeah, i need to update my witholding..

It's not always a bad thing to have something to fall back on. Bummer about the heater though!

[asetliff]

Best R3v expenditure so far, link to pics?

[M-technik-3]

This year I got no money back. I like having the few extra bucks in my check a month vs letting Uncle having interest on my money.

[Threehz]

Way too clean for an IX, find some mud!

I need to change my withholding as well actually. I make so little and now that I have the kid I can take home as much as possible and owe nothing.

[Mr. Tasty]

as a full time student and part time worker, I take out 30% of my paycheck.

[matthugie]

I was targeting the average R3V demographic with my statement, and I stand by it. I know a lot more about money now than I did when I was in my teens and twenties. Maximizing my withholding, and subsequently my annual refund, was the right way for me to do it in those days since I wasn't itemizing, didn't have a mortgage, and didn't have retirement accounts, insurance policies and (health) savings accounts from which to invest. I'm sure there are more than a few of us who itemize and take advantage of all the deductions we can, though I'd bet we're the minority - at least in this subforum.

This is true. My return is inflated because I work full time and am also in school part time, (hooray education refund!) but there are lots of better ways to maximize long term wealth.

Then again, I did blow the education portion of my refund on my car, so I can't really say much...

[Jorgen]

Closing on my new house here in a week or two so after that I am sure I will have many places to spend my return.

Edit: Or maybe I'll buy a Cafe Project bike and/or a 914 as I want to start playing with one of those.

[mitchlevy7]

I hope to get my mtech 2 kit painted and installed and buy some tools to help setup shop in my buddies garage and replace my galaxy note 10.1 that got stolen.. Im pretty happy with my tax return after working 3 months last year. I hope to save at least half of it too.

[InuFaye]

Mine is sitting in my bank account.

I just bought a new Desk Chair and a 40" TV to use as a computer monitor.

[VANOS714]

Mine is going for bills....

[nando]

It's not always a bad thing to have something to fall back on. Bummer about the heater though!

true, but $8500 is way too much. I could take home more each month and increase my retirement savings while paying less overall taxes.

actually the IRS has a pretty nice W4 optimization calculator. I'm redoing my W4 as I speak:

http://www.irs.gov/Individuals/IRS-Withholding-Calculator

I ran two scenarios and came up with a witholding of 6-10. I'm shooting right down the middle and putting 8. Should be able to save another $100-200 a month into retirement and still take home more money. But my refund still will be there, because I have things like foreign tax credits, etc. it will just be closer to $2-4k..

my effective tax rate last year was only 4%. haha. My tax lady is expensive as hell but damn she's good..

[IronFreak]

Remodeling my basement for my wives business.......

And of course the car!

[Nick_S]

I owe $8....seriously.

[giantkeeper]

true, but $8500 is way too much. I could take home more each month and increase my retirement savings while paying less overall taxes.

actually the IRS has a pretty nice W4 optimization calculator. I'm redoing my W4 as I speak:

http://www.irs.gov/Individuals/IRS-Withholding-Calculator

I ran two scenarios and came up with a witholding of 6-10. I'm shooting right down the middle and putting 8. Should be able to save another $100-200 a month into retirement and still take home more money. But my refund still will be there, because I have things like foreign tax credits, etc. it will just be closer to $2-4k..

my effective tax rate last year was only 4%. haha. My tax lady is expensive as hell but damn she's good..

Yes, that is a lot!

We get healthy returns between the two jobs, house and the business. We have needed to review and change our W4 stuff for quite a while. I'm mostly just chicken shit and worry we will screw up somewhere and end up owing.

I'll give that link a shot and see what we come up with. :up:

To stay on topic, we always turn the money around and put it back in to our business.

[ak-]

I owe $8....seriously.

Better hurry before they come for you