What are you spending your tax refund on?

Got my tax overpayment reimbursement (refund). Time to buy some stuff.

The most important thing is up front. I need to spend $1000 to get my Granddaughter's teeth fixed. I'd rather spend the money on something else but God only gives you one set of teeth so you need to take care of them.

Burner - I have been cooking my brew on an electric stove. Going to look at a few Banjo burners and turkey cookers and get one.

Wort Chiller and MLT - Got my plans for each and my parts list. Will be off to Home Depot to get all the stuff I need. Time to put on my Bob The Builder clothes.

Ingredients for my first AG batch.

Kegging Equipment - Going to a couple of local Home Brew stores to look at kegging stuff. Will buy over the Internet if there are huge price differences however I have decided to make the move and keg my beer.

I just finished my all grain stainless steel brew sculpture and it rocks! Thanks uncle S!

A 50" HD flat panel TV!

(Yes, I know it's not brewing related. But it was SWMBO's idea and I figured I'd better not pass up an opportunity like that.)

Brian

Refund??? Must be nice.

What's a tax refund?

Tell me more about this refund thing you speak of.

Paid down credit cards with mine...

Baldy_Beer_Brewery said:

Tell me more about this refund thing you speak of.

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That's where I'm at too. Since my kids grew up at about the same time (one was still my dependent in college), I went from two dependents, with college expenses in 2009, to just the two of us in 2010. Bob is retired, but I worked part-time most of the yeast last year. We got HAMMERED in taxes, even with a substantially lower income. We just paid the taxes. Ouch.

mine isn't brewing related either. what we'll be getting back on tax refunds the swmbo and i will put in towards a new car later this year. been living on one car since last oct./nov.

We got a vry nice refund this year so I was able to get alot of stuff.
Turkey fryer setup
Made mlt from 60qt cooler
2l flask and stirplate
6.5g carboy
7.9g fermenter bucket
aquarium pump aeration setup
corona mill
ingredients for 2 ag batches. Yes refunds were good 2 me

Yooper said:

That's where I'm at too. Since my kids grew up at about the same time (one was still my dependent in college), I went from two dependents, with college expenses in 2009, to just the two of us in 2010. Bob is retired, but I worked part-time most of the yeast last year. We got HAMMERED in taxes, even with a substantially lower income. We just paid the taxes. Ouch.

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i'm on the opposite end, just had our 2nd and my wife took a lot of classes this year. i forgot how huge of a credit tuition is! this is also our first full year paying mortgage interest. daycare expenses are also a nice deduction.

long story short, i tried to plan it so we'd be zero but i failed miserably. not a terrible thing i guess

Poobah58 said:

What's a tax refund?

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The same question for me?

I usually end up pqaying

Everything I'm getting back is going right back to the Fed via Q1 estimated quarterly taxes (yea).

I going to give as little of it as possible to my exwife, and use the rest to pay bills, buy clothes for the kids, maybe buy the kids a bike or something if I have enough left

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 went to get my refund and Cesar asked for more...

I got more of a refund than I was anticipating, but that's due solely to how my company paid out bonuses last year. I don't expect that to happen this year seeing as... well... our bonuses were much smaller or non existent.

For me, the money is going into two savings accounts - one for my emergency fund, and one is saving for a house. I might siphon out a few bucks to pay for another bag of 2-row, but otherwise its all going to be saved or used to work toward paying off my car.

after paying taxes on my unemployment...zip zero nada
whos idea was it to tax the unemployed anyway

Paid down the credit card and put the other half away for my wedding next year. Fun.

zac said:

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!

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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.

I have to pay in.......

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.

Refund, what's a refund?

I bought 60ft of stainless tube...a welder...some new burners... build thread coming soon....

remilard said:

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.

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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!

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!

zac said:

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!

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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.

Yooper said:

I worked part-time most of the yeast last year.

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Well the good news is you still have homebrewing on the mind.