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Home Brew Forums > Home Brewing Beer > General Beer Discussion > What are you spending your tax refund on?
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Old 03-19-2011, 05:23 PM   #21
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I have to pay in.......

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Old 03-19-2011, 05:38 PM   #22
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We also got a bunch back for 2010 since we had our first baby and he had some health probs and ended up in the ICU for about 3 weeks. he is fine now but we got breaks on all the money we spent on med bills plus the credit for a new dependent. we plan to save the money til summer to get the house painted and put in some grass in the backyard for the little guy to enjoy. I think I'll squirrel a little away for a plate chiller and/or a mill tho.

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Old 03-19-2011, 06:08 PM   #23
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Refund, what's a refund?

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Old 03-19-2011, 06:12 PM   #24
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I bought 60ft of stainless tube...a welder...some new burners... build thread coming soon....

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Old 03-19-2011, 06:50 PM   #25
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Quote:
Originally Posted by remilard View Post
W2 employees with variable compensation can't predict how much to withhold since their bonus will be taxed at 38%, probably higher than their marginal rate.

In my case I decided to install a ground source heat pump in December which triggers a 30% tax credit with no cap. So while I typically would like to not get a refund, I did get a very large one this year.

If I had zero variable compensation I could and would be extremely close to 0 owed (either way) at the end of the year.
Im in that catagory (variable comp) but always make sure I get no refund at all!!

We got a huge credit for a new "energy star" roof ourselves, that was a nice perk!
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Old 03-19-2011, 06:58 PM   #26
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I'm 23 and just graduated college last may. I was taxed at the normal withholding rate but only worked for 6 months last year (started my job in July). So I got a BUNCH of money back! It was really nice this year, but I'm not counting on it next year.

As a present to myself I bought a 2 faucet keg kit, chest freezer and wort chiller!

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Old 03-20-2011, 12:43 AM   #27
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Quote:
Originally Posted by zac View Post
Why do you get a refund anyways? Its YOUR money, YOU gave it to the gov't & they mismanaged it for a whole year, then gave it back to yuh.

I owed quite a bit this year b/c I made some great returns on a few investments, but I knew about it ahead of time, so I had the money saved back!
I would agree with you. I try and plan my taxes so I owe $300 - $500 or so. This is the first year I have had my tax overpayment reimbursed in a long time. We, my wife and I, did not plan it that way. Due to a death in the family we received a fairly significant inheritance. In keeping with our beliefs this lead to a 5 figure donation to our church which in turn left us with a sizable tax refund. The remainder of the inheritance paid for a new kitchen.
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Old 03-20-2011, 02:09 AM   #28
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Quote:
Originally Posted by Yooper View Post
I worked part-time most of the yeast last year.
Well the good news is you still have homebrewing on the mind.
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