Tax Refund Season

#13

I’m gonna pay down some credit card debt I accrued from when I moved. I will get some essentials for the house, but the rest will be put away into savings.

1 Like
#14

I never get any tax refund in China, we don’t have this policy.:joy:

#15

This is what I try to do as well, so I usually end up owing a little bit each year. Therefore, I never get excited about filing my taxes since there is no refund to look forward to. :joy:

1 Like
#16

This is what I usually do too, but since I was moving and between two states having to file mid-year taxes for each I knew I didn’t want to have to owe this year. That and with the tax change I had extra withheld so I wouldn’t have to owe anything this year. I could have left it but I wanted to play it safe, and its a good thing because instead of owing taxes I get some back. I adjusted it now so by the end of this year I should break even or get a minor refund, hopefully I won’t owe anything

1 Like
#17

Just invest it to get even more :joy:

#18

I don’t even know what to expect this season. The tax code got major changes this year and with my combination of independent contractor income, salaried job, and parental expenses I have no idea what I’m in for :confused:

#19

#20

We are using our refund this year to pay down som debt and put the rest in savings!

#21

Any extra bucks going towards my mortgage, planning to pay it off as soon as I can so I can live debt free.

1 Like
#22

Congratulations !!
I’m in the same boat, my second one born Jan 16th.
I could have saved taxes by claiming additional dependent, saved a whole year of daycare fees. But no regrets, they just come whenever it is time.

#23

Look up prostaglandins :kissing_closed_eyes:

#24

This is so true :weary:

#25

How are you all guys doing with your tax filing, April 15th is fast approaching, next week is Tax Day!!!

#26

Already done with tax in first week of Feb… Paid off my home in full
No debt now, both cars and house paid off :wink:

4 Likes
#27

Awesome @kumar.sachin … congrats… I am filling it today… Not expecting anything great out of it :joy:

1 Like
#28

That’s not usual! :slight_smile:
The more debts (mortgages) you have the more friendly you are treated by your bank!
But better is your state, free of debts of course! :wink:

2 Likes
#29

Actually on average debt is profitable. The reason being is you’re taxed on assets you own arising out of debt until you sell, and if you use debt to fund income then your spread-out income is lightly taxed usually.

Where debt is bad is if you have no income arising either from the asset or no income in general.

If anything, you need lots and lots of debt, all spread out, so if any one of the assets goes into negative equity you simply walk away, and the other assets still deliver a return.

Or, in other words, if you get rich enough you can’t really lose money.

1 Like
#30

Congratulations! I don’t have to file taxes because my dad files me as dependent on his and mom’s joint filing. Great advantage of being young :joy:

#31

Be careful because if you make more than 3 grand a year you are still obligated to file your own taxes even if they claim you as a dependent

2 Likes
#32

I still prefer the UK system, it is simpler. You do not by default ever have to file a tax return, you are taxed directly by the employer who is usually your only form of income. A smaller % of the population therefore have to file taxes.

1 Like