Tax refund

Discussion in 'Money Talk$' started by SaggyWoman, Mar 2, 2014.

  1. SaggyWoman

    SaggyWoman
    Expand Collapse
    Administrator
    Administrator

    Joined:
    Dec 15, 2000
    Messages:
    17,933
    Likes Received:
    8
    Assuming you get one, what do you do with your tax refund?

    It is different every year for me, but I
    Tithe
    Save some
    Pay a bill
    Buy something I need.
     
  2. Deacon

    Deacon
    Expand Collapse
    Well-Known Member
    Supporter

    Joined:
    Aug 23, 2002
    Messages:
    6,972
    Likes Received:
    129
    Sadly it went right into my high-deductible healthcare savings account.

    After all, someone has to pay for all those people who don't work but get free health care.

    Rob
     
  3. ktn4eg

    ktn4eg
    Expand Collapse
    New Member

    Joined:
    Nov 19, 2004
    Messages:
    3,517
    Likes Received:
    1
    Unfortunately, this year I'll wind having to pay "Dear Old 'Uncle Sugar'"! :tear:

    If you are one of those more fortunate[?] ones that will receive an income tax refund[?], keep in mind that, whatever the IRS sends you, is merely what it has determined that "Lucky You" are eligible to receive in the form of an interest-free loan repayment from them.

    While no government-controlled income tax structure is without some inherent problems, I've come to the conclusion that a "National Sales Tax" is probably the most equitable one of all.

    Although the purchaser of whatever good(s) and/service(s) will have to pay more at the time(s) of his/her purchase(s), at least the individual's tax burden is spread out over the entire tax year.

    Moreover, regardless of whatever income tax bracket into which you may happen to fall, at the very least you most likely won't have to be burdened with trying to weed your way through the very complicated and confusing tax forms and/or tax laws/regulations that we now have.

    Of course, with a much easier system of both "paying for" and/or documenting your tax burden(s), more than likely there won't be as great a need for the vast number of tax lawyers and/or tax accountants that we now have (and who, in most cases, also charge a very hefty fee for their "services"!!).

    Given that fact, as well as the fact that in most cases it's almost impossible to actually fire a government bureaucrat, I am not about to hold my breath until such a tax system that I've described above is actually enacted into law!! :smilewinkgrin::tear:
     
  4. annsni

    annsni
    Expand Collapse
    Administrator
    Administrator

    Joined:
    May 30, 2006
    Messages:
    20,196
    Likes Received:
    374
    Ours will go straight back out to pay property taxes. :(
     
  5. Thousand Hills

    Thousand Hills
    Expand Collapse
    Active Member

    Joined:
    Oct 3, 2010
    Messages:
    1,488
    Likes Received:
    4
    Haven't got one in a long time, I'm an independent contractor and even with making quarterly payments I apparently never pay in enough, I'll be writing a check for about $4500 in a few weeks to square up with Sam, so I hope the rest of you all enjoy yours. :BangHead:
     
  6. ktn4eg

    ktn4eg
    Expand Collapse
    New Member

    Joined:
    Nov 19, 2004
    Messages:
    3,517
    Likes Received:
    1
    Regardless of whether or not you will (or, for that matter, you won't) receive a tax refund this year, I've found out (in many cases "The 'Hard Way'"! :smilewinkgrin:) that it is VERY IMPORTANT that you maintain accurate and detailed records both of any and all income(s) as well as any expenses that you may consider to be "taxable"---even if they don't actually turn out to be "taxable"!

    When I first began to do my own taxes, normally I'd opt for the "simplest tax form (If there IS such a thing! :smilewinkgrin:)," fill it out, and send it in to our "Beloved Infernal Revenue Service."

    I soon realized that by doing this, I was losing out on receiving many tax exemptions that could have saved me quite a lot of money.

    After coming to that conclusion, I immediately began either documenting and/or recording each and every little expense that I believed would have even the least application as an income tax deduction.

    A person would be amazed at how many deductions he or she may be entitled to receive if he or she would take the time to plod through the information about tax deductions that is available either on one's income tax forms themselves and/or on the printed income tax deduction pamphlets that the IRS has available.

    Of course, each person's situation is different, so don't rely entirely on second- or -third hand information from other people because that may not apply in your own unique set of circumstances.

    Then, too, your local public library and/or reputable on-line organizations may also be able to assist you in these matters.

    One very important note of caution is this: Be very certain that you only use the most current, up-to-date income tax information that applies to your tax situation(s) because some things may (and quite often do!) change from year-to-year.

    These are just some basic bits of information I've come to find out that have been useful to me.

    Hopefully, they might be somewhat helpful to you.
     

Share This Page

Loading...