without getting into an E-Peen match about who is getting the bigger return . . .



anybody have any big plans for your return this year?



i'm paying off the wifes car and the plastic surgeon, then fixing all the little things on the Eclipse.

I plan on getting a nice Miller or Lincoln auto darkening welding helmet, some new gloves, and some stainless bends to make a new downpipe to match my manifold :)

Just started a job in October so I wont get much, but Im getting a new catback and o2 sensors.

Looks like I'm going to get quite a bit more than I anticipated. So, 2K to pay off the rest of the honeymoon in April, 1K for a wedding gift for the future wife, and probably pay some bills with the rest.

Looks like I'm at the opposite end of the spectrum. My HR department totally fucked up my exemptions earlier in 08 and I didn't catch it for nearly 3 months. Only getting 100 back from Fed and I owe state 150. Definitely sucks but could have been way worse.

I setting the return aside for the superbee body work and then order ing a 500cu stroker kit!

Originally posted by Star Turbo Talon
I setting the return aside for the superbee body work and then order ing a 500cu stroker kit!

saweeeet!

Originally posted by cs82685
and probably pay some bills with the rest.

How much do you suck? "THE REST"! Damn, that's "children dependant" kinda cash. I'm sending you my tax info so you can do mine. That way we'll be in da big house together, :*

MB

Repairs on the 2g.....What else? Maybe an exhaust. But I think that counts as a repair, cuz mine is leaky. :rolleyes

I'm even Stephen this year. Get nothing, owe nothing on my Fed. & +100 on the State.

Originally posted by bullettdsm

Originally posted by cs82685 and probably pay some bills with the rest.

How much do you suck? "THE REST"! Damn, that's "children dependant" kinda cash. I'm sending you my tax info so you can do mine. That way we'll be in da big house together, :* MB

haha. What can I say, mortgage interest and property taxes far outweigh my standard deduction this year so I get to itemize. :D

Paying off debt with mine. Too bad the kid wasn't born in December, woulda helped get some extra cash back.

Seems like my life is about to go on autopilot for oh say the next 18 years?

was i the only one that bought a house this year and was able to take the First-time Home Buyer Tax Credit?

but yes 2 kids and a house definatly help out the tax return, especially when i am used to filing as a single person for so many years. :P

I'm going to get Megasquirt,1000cc inj..,gt35r, and maybe try to get a turbo manifold made..Rest of the money will go into my savings.

still saving up for a house. waiting until the market bottoms, maybe in 3-4 years

Originally posted by foggy45
was i the only one that bought a house this year and was able to take the First-time Home Buyer Tax Credit? but yes 2 kids and a house definatly help out the tax return, especially when i am used to filing as a single person for so many years. :P

Im trying to take advantage of the credit. I have until April, was approved for the mortgage (21yo, not too shabby), now I just need to get the seller to sell the house.

Long story, moved into a three yo rental, and its being foreclosed on. So ill fight back by buying it.

If I'm lucky I'll get about $1k back this year. If so, gonna pay off debt. In a shitty economic situation like we are in now, I would like to clear my debt and go cash only. So I will be contributing to the problem by not attributing to new spending.

Well, I have something in the works with a member here, but that is beside the point.

Originally posted by foggy45
was i the only one that bought a house this year and was able to take the First-time Home Buyer Tax Credit?

Hmm, I've got to make sure that is factored in on my return. Maybe I'll get even more back :D

Originally posted by cs82685

Originally posted by foggy45 was i the only one that bought a house this year and was able to take the First-time Home Buyer Tax Credit?

Hmm, I've got to make sure that is factored in on my return. Maybe I'll get even more back :D

Seems I missed it by 10 days. You had to purchase after April 8th. I closed on March 28th. Damn! Turns out though because of the percentage I put down and the price of the home I would have only received another couple hundred back. Not too big of a deal I suppose.

I bought my first place in 2008 so hopefuly I'll get a good return but I did change my dependents so I would get more $ on each paycheck. If I get any $ it's going towards another vacation or a 2nd car (toy)

Finish my exterior cleanup project with mine. And my car payment too lol.

Probably just going to save it.

I'd like to have something to fall back on in these times...

honestly? It'll probably go to legal fees for filing bankruptcy. but life will get better afterwards

As always saving most of it for next years house taxes, and the rest go to some small home projects and hopefully a couple of hundred in the good 'ol savings account.

I already got my tax return.

I correctly specified a high number of exemptions on my W4 so the IRS didn't sit around with my money all year.

I'll probably owe them a little which will come out of my savings account which has happily been earning interest all year, unlike the <0% tax return you'll get from the IRS.

Originally posted by thedawg
I already got my tax return. I correctly specified a high number of exemptions on my W4 so the IRS didn't sit around with my money all year. I'll probably owe them a little which will come out of my savings account which has happily been earning interest all year, unlike the <0% tax return you'll get from the IRS.

a friend of mine does this and usually ends up a few hundred ahead at the end of the year, but he screwed up one year and owed a few thousand more than he had set aside

No plans for the tax return. I'm not actually sure how much I will get yet. 2008 was very different: both of us working for the full year, we changed what we claimed part way through the year, interest income was all over the place... we'll see what happens

Originally posted by thedawg
I already got my tax return. I correctly specified a high number of exemptions on my W4 so the IRS didn't sit around with my money all year. I'll probably owe them a little which will come out of my savings account which has happily been earning interest all year, unlike the <0% tax return you'll get from the IRS.

WINNER.

Now imagine what would happen if everyone did that.

ya... somehow losing more than just a few thousand in your retirement accounts, paying rent, and tuition, books, medical expenses.. just doesn't get you much for a return when your a full time student. Maybe this country wouldn't be such a fucking shithole and one of the dumbest and fattest countries in the world if we encouraged people to get an education and give better tax breaks and/or credit for doing so.
(you might ask what fat has to do with higher education... have u seen college girls lately???)

Yet, if you have 12 kids on medicaid and collect welfare with no job or aspirations in life other than being a baby dropping c*nt hole you can earn tax credit and make out like a champ, courtesy of hardworking Americans everywhere! This country's priorities are so far up shit creek it's not even funny.

/end rant.

I'm saving every extra penny I can right now. Hoping to have enough for 20% down on a home this time next year but who knows with this economy.

Originally posted by ScreaminE
I'm saving every extra penny I can right now. Hoping to have enough for 20% down on a home this time next year but who knows with this economy.

Damn 20% I'd say that's baller in this economy but I saw you're from Texas and I know you can get into some stuff cheap down there (in comparison to the northeast). I'm considering moving to dallas in a year or two so I can get away from the cold and get more for my money.

Originally posted by ScreaminE
I'm saving every extra penny I can right now. Hoping to have enough for 20% down on a home this time next year but who knows with this economy.

good job. I have always been taught to save $ and it paid off. I put 20% down in april 2008 when I bought my condo. Now, even though the economy has gotten worse, I have still been able to save $ over the past 9 months or so and keep a cushion just in case things get worse.

That's called building a vote farm.

Originally posted by totaleklipse97
ya... somehow losing more than just a few thousand in your retirement accounts, paying rent, and tuition, books, medical expenses.. just doesn't get you much for a return when your a full time student. Maybe this country wouldn't be such a fucking shithole and one of the dumbest and fattest countries in the world if we encouraged people to get an education and give better tax breaks and/or credit for doing so.

Please tell me you haven't been missing out on the Hope and/or Lifetime Learning Credits for college students, Aaron. During the five years I went to DeVry, I consistently got 100% of my taxes paid back thanks to those credits.

IF YOU GO TO COLLEGE, WHETHER YOU ARE PAYING FOR IT RIGHT NOW OR NOT, YOU NEED TO LOOK INTO THE HOPE CREDIT AND LIFETIME LEARNING CREDIT BEFORE YOU FILE YOUR TAXES THIS YEAR.

Lifetime Learning Credit is up to $2000 per year.
http://www.irs.gov/publications/p970/ch03.html

Hope Learning Credit is up to $1800 per year ($2400 if in a "Midwestern Disaster Area")
http://www.irs.gov/publications/p970/ch02.html

Originally posted by DR1665

Originally posted by totaleklipse97 ya... somehow losing more than just a few thousand in your retirement accounts, paying rent, and tuition, books, medical expenses.. just doesn't get you much for a return when your a full time student. Maybe this country wouldn't be such a fucking shithole and one of the dumbest and fattest countries in the world if we encouraged people to get an education and give better tax breaks and/or credit for doing so.

Please tell me you haven't been missing out on the Hope and/or Lifetime Learning Credits for college students, Aaron. During the five years I went to DeVry, I consistently got 100% of my taxes paid back thanks to those credits. IF YOU GO TO COLLEGE, WHETHER YOU ARE PAYING FOR IT RIGHT NOW OR NOT, YOU NEED TO LOOK INTO THE HOPE CREDIT AND LIFETIME LEARNING CREDIT BEFORE YOU FILE YOUR TAXES THIS YEAR. Lifetime Learning Credit is up to $2000 per year. http://www.irs.gov/publications/p970/ch03.html Hope Learning Credit is up to $1800 per year ($2400 if in a "Midwestern Disaster Area") http://www.irs.gov/publications/p970/ch02.html

No, I am aware of that credit.. and it's not quite the point. When your taking 18+ credit hours working becomes scarce and few students make enough to actually put that credit to use. While your attending classes from 8-5:30 pm daily not including the hours of homework and reading expected a very small percentage of students are actually able to work and pay in substantial taxes. Although when I worked my freshman year I still had to pay out the ass in taxes despite school expenses. The main point is that earned income credit is available for parents of low income families that decide to use baby making as a source of income thanks to hard working tax payers such as yourselves. Meanwhile there are low income students who struggle to buy groceries every week and pay rent while furthering themselves and they still have to pay taxes on the rest of their income. The earned income credit families actually get more back then they paid in, so yes.. making babies makes money, when you live off the government anyway. What a sad, sad, system of taxes we have in this country.

Originally posted by totaleklipse97
No, I am aware of that credit.. and it's not quite the point.

I get what you're saying, man. I agree totally. The irresponsible at both extremes - wealthy and poor - are consistently coddled and bailed out. Meanwhile, the source of those bailout funds, the working middle class, are not eligible for any kind of useful assistance. We either make too much money for it or we don't make enough money to buy the sort of connections it takes to get what we want from the government.

I got my degree in Technical Management from a "good" school. My student loan payments are about 47% of my monthly take home. I thought college was a solid investment in my future, but it's turned out to be more of a burden/setback so far.

What I would take from this discussion:
1. Start young, start at the bottom. Do what you enjoy doing.
2. Build experience, build credit, pay cash for everything.
3. Pay as little for college as you can.
4. Use your experience to supplement your degree.
5. Never just chase the paycheck. You will regret it.
6. If you can't feed 'em, don't breed 'em.

Wise words. I'm old enough to know he speaks the truth.

Originally posted by DR1665
IF YOU GO TO COLLEGE, WHETHER YOU ARE PAYING FOR IT RIGHT NOW OR NOT, YOU NEED TO LOOK INTO THE HOPE CREDIT AND LIFETIME LEARNING CREDIT BEFORE YOU FILE YOUR TAXES THIS YEAR. Lifetime Learning Credit is up to $2000 per year. http://www.irs.gov/publications/p970/ch03.html Hope Learning Credit is up to $1800 per year ($2400 if in a "Midwestern Disaster Area") http://www.irs.gov/publications/p970/ch02.html

Does this apply if you just recently graduated college? Say June of 08? Reason I ask is because Maria is about to get her taxes done. We already know about the student loan interest deduction.

Originally posted by xcasbonx

Originally posted by DR1665 IF YOU GO TO COLLEGE, WHETHER YOU ARE PAYING FOR IT RIGHT NOW OR NOT, YOU NEED TO LOOK INTO THE HOPE CREDIT AND LIFETIME LEARNING CREDIT BEFORE YOU FILE YOUR TAXES THIS YEAR. Lifetime Learning Credit is up to $2000 per year. http://www.irs.gov/publications/p970/ch03.html Hope Learning Credit is up to $1800 per year ($2400 if in a "Midwestern Disaster Area") http://www.irs.gov/publications/p970/ch02.html

Does this apply if you just recently graduated college? Say June of 08? Reason I ask is because Maria is about to get her taxes done. We already know about the student loan interest deduction.

It will apply, but you won't necessarily be eligible based on amount paid, amount of money made, etc.

Originally posted by cs82685

Originally posted by xcasbonx

Originally posted by DR1665 IF YOU GO TO COLLEGE, WHETHER YOU ARE PAYING FOR IT RIGHT NOW OR NOT, YOU NEED TO LOOK INTO THE HOPE CREDIT AND LIFETIME LEARNING CREDIT BEFORE YOU FILE YOUR TAXES THIS YEAR. Lifetime Learning Credit is up to $2000 per year. http://www.irs.gov/publications/p970/ch03.html Hope Learning Credit is up to $1800 per year ($2400 if in a "Midwestern Disaster Area") http://www.irs.gov/publications/p970/ch02.html

Does this apply if you just recently graduated college? Say June of 08? Reason I ask is because Maria is about to get her taxes done. We already know about the student loan interest deduction.

It will apply, but you won't necessarily be eligible based on amount paid, amount of money made, etc.

I see. Well I'm going to print these out and bring them with me to the tax guy and see if she can qualify.

Originally posted by foggy45
was i the only one that bought a house this year and was able to take the First-time Home Buyer Tax Credit? but yes 2 kids and a house definatly help out the tax return, especially when i am used to filing as a single person for so many years. :P

nope, i bought a house too. getting the first-time home buyer credit as well. you do know you have to pay it back over 15 years right? it is interest free, so there's not any reason not to take it, and they take it out of your taxes, so you never have to make a "payment." Just in case you didn't know though, they aren't just handing you money.

as for what i'm doing with mine... motorcycle? 370z down payment?

more like putting it towards my student loan. being responsible sucks.

Well, just found out that we're getting more back than we expected, it's still already spent though :(

oh well, it will make the day to day easier in the future

I'm going to be buying all my new kitchen appliances. yay!

Originally posted by foggy45i'm paying off the wifes car and the plastic surgeon...

Pics or it never happened :P

Originally posted by eclipzGST

Originally posted by foggy45i'm paying off the wifes car and the plastic surgeon...

Pics or it never happened :P

x2

Originally posted by eclipse982nrRST

Originally posted by eclipzGST

Originally posted by foggy45i'm paying off the wifes car and the plastic surgeon...

Pics or it never happened :P

x2

True I am doing what you are too total. 15 credits now and im almost working full time (off by like a couple hrs). It sucks. And yes dont go to a freakin university just for generals if you cant afford it or dont want loans to rape you. Im going to a community college for my generals and Im only paying like 2500 a semester. The school I go to also has teachers from the university of minnesota teaching so its pretty much like going to the university but like idk how much cheaper? I think its like 16k a year for tuition. Hmm.

Bullshit Foggy...lets see you in a picture with her.



Oh yeah, I'll be trying to save most of my return. I get the home buyer credit as well, but that does have to be paid back. I need to do a little work on the M3 that will set me back about $500 and I have a service inspection coming up this summer that will toss back about $1500. Sucks but this money has to last me all year on BMW repairs. :) Yes, it is worth it.

I also have to buy a dinner table for the completely empty kitchen so I don't feel like a schmuck when I invite people over.

If all goes as planned, I'm buying a wrecked 2000 C280 Benz from my job, some of the parts needed to fix it, a new carbon fiber hood for the 2g, airlines and fittings to finish the airbag setup on my S10 and if there's anything left I'll take my girl shopping lol.

Turbo kit, Crankscraper, MSD DIS-2..... shit, I'm outta money. :shrug

I got back way more than what I expected. It was nice being able to do some of the things that I wanted to do. I got lucky too on the home tax credit. I bought my house on April 16th, so if it was 8 days ealier, no credit for me. I want and need to get lois back on the road and I hope my wife allows me to do so. (She knows how much I miss her, so I think she will spare me a little cheddar.) We plan on putting hardwood floors in and putting back alot just in case of us is put in that position of losing our job.

i got back about what i expected. but the next 4 tax returns starting in at the end of 2010 will be even better since i'll be reenlisting and getting my bonus and bonus pay :) it's nice to get that spare money back and pay bills/buy toys!

later