peachwein
Well-Known Member
Any other procrastinators who still haven't gotten their tax refund planning on upgrading their setup? I'm thinking of possibly upgrading to AG.
Tax refund
- Thread starter peachwein
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Beernik
Well-Known Member
I owe every year.
ShortSnoutBrewing
Kwanesum Chinook Illahee
Refund? What's that? Haven't seen one of them in ages.
I upgraded quite a few things. This year's refund was FAT, almost $20k! I wish I was in position to do the real upgrade I want: a new house with a full basement for my pub!
McGarnigle
Well-Known Member
Refunds suck. They just mean the government held your money all year.
homebrewer_99
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Amen!!
Some people are always "proud" that they are getting a refund and don't realize that they've overpaid their taxes all year long...they could have placed that $$$ in the bank and gotten interest.
I make sure I always pay...
Airborneguy...do you realize how much interest you could have earned on that 20K if you hadn't handed it over to the Gov't?
You should learn to keep your money and make it work for you. :rockin:
ChshreCat
Well-Known Member
Thanks to the new homebuyer credit, we're getting a big refund.
Bad news is that it's all going to pay off debt.
Good news is that without the debt, we'll have a few hundred dollars a month freed up in the budget for brewing!
Bad news is that it's all going to pay off debt.
Good news is that without the debt, we'll have a few hundred dollars a month freed up in the budget for brewing!
willynilly
Well-Known Member
Multiply your refund by about 8% and that is what you lost by getting a tax refund.
Got a small refund, went to the investment account, no plans to upgrade or actually brew anytime soon.
Got a small refund, went to the investment account, no plans to upgrade or actually brew anytime soon.
remilard
Well-Known Member
Amen!!
Some people are always "proud" that they are getting a refund and don't realize that they've overpaid their taxes all year long...they could have placed that $$$ in the bank and gotten interest.
I make sure I always pay...
Airborneguy...do you realize how much interest you could have earned on that 20K if you hadn't handed it over to the Gov't?
You should learn to keep your money and make it work for you. :rockin:
Well, prevailing interest rates are pretty low but in general I think christmas clubs work better than tax refunds for the purpose that people seem to use tax refunds for (forced saving for a once annual large purchase).
My goal is 3 figures, I don't care which direction, just keep it small.
JefeTheVol
Well-Known Member
Im using the "New Homebrewer Credit". Its where I take out 150K in loans to pay for medical school, pick up a homebrew hobby in July and receive nothing from the govt because I dont make any money. But hey, at least I still got homebrew. Prost
Keff
Well-Known Member
Amen!!
Some people are always "proud" that they are getting a refund and don't realize that they've overpaid their taxes all year long...they could have placed that $$$ in the bank and gotten interest.
I make sure I always pay...
Airborneguy...do you realize how much interest you could have earned on that 20K if you hadn't handed it over to the Gov't?
You should learn to keep your money and make it work for you. :rockin:
I have been thinking more and more about this, But how much are they really making off a couple hundred dollars?
I made a promise to myself to get smarter about it in the future as soon as I find stable employment though. 
remilard
Well-Known Member
I have been thinking more and more about this, But how much are they really making off a couple hundred dollars?
The whole time value of money thing is interesting, but what if they owed you a refund but didn't give it to you? California did that last year.
willynilly
Well-Known Member
My portfolio is up about 80% in the past 12 months... so I lost what could have been a good return on my investment dollars this past year. Thankfully my return was quite small.
I personally do not like lending ANY money at 0% interest.
Also, people get MORE excited when they see in April that they loaned MORE money interest free than they did last year
I personally do not like lending ANY money at 0% interest.
Also, people get MORE excited when they see in April that they loaned MORE money interest free than they did last year
willynilly
Well-Known Member
Exactly, as insolvent as the govt. and country is, do you REALLY want to send money off to them when it is up to them IF and WHEN they repay you? Cali just sent out IOUs
OP
OP
peachwein
Well-Known Member
haha... well, my refund isn't huge. But it can certainly help with upgrading my equipment. I did a lot better this year making sure i wasn't over paying that much.
homebrewer_99
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The ultimate goal is to get as close to ZERO as possible...
Dont get me started on tax refunds. I don't mind paying a little every year but the "stimulus plan" is taking its toll now. Gonna quit typing now due to the burning sensation in my stomach and my desire to rant on something off topic. But no, I don't plan to upgrade, maybe next year.
It would have been impossible for me to get it to zero. $8000 of that amount was the homebuyer credit. Most of the rest came from mortgage interest credit which I've never claimed before. My usual return is around $3000. All told, I'd rather keep my deductions the same to make sure I don't owe at the end of the year. The interest I would gain by playing around with my deductions would be nominal, and I already put extra money into my pension fund (7%) and 10% into my 457. So even if it did come out to be $100 or so in interest, I'd rather not risk owing at the end of the year. Trust me, I understand how taxes and income work. I wish I didn't, life would be much more bearable.
conpewter
Well-Known Member
Some people are really really happy with their refund... since it is more money than they paid in to the system. I know a gal who is a "Single Mom" who is living in a government subsidized house with her boyfriend and got back 13K, didn't pay in nearly that much. The boyfriend got "back" a good chuck too. Makes me sick..
I paid this year, but estimated well enough that it was 3 figures
I paid this year, but estimated well enough that it was 3 figures
willynilly
Well-Known Member
Something like 50% dont pay taxes, a percentage of them GET money that they never paid in.
Daybis
Well-Known Member
We are getting back just enough to finish paying off one of my wife's student loans. With what is left over, the wife has demanded we buy another fridge so we can start putting food back in the fridge instead of beer.
homebrewer_99
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That situation makes it understandable, but still the goal is to try to zero it out and keep more of what's yours.
I'm glad you could take advantage of the "deals".
Personally, I put 75K down on my house and paid it off in 2 years and 2 months (the last check being 46K). Sure, that means no deductions, but it also means no interest too. Just think of all the interest I "saved" (or screwed them out of...). And that will be 4 years ago come July...
Yeah, it's out of hand. I finally got a refund this year but I generated a large loss from one of my investments to do it. Friggin' AMT is killing me.
Saw a poll the other day that 47% or something like that of respondents feel the amount of tax they pay is "about right."
Turns out something like 45% of people will pay no tax this year...funny how that works!
Multiply your refund by about 8% and that is what you lost by getting a tax refund.
Got a small refund, went to the investment account, no plans to upgrade or actually brew anytime soon.
Where are you getting 8%? Investment grade corporate bonds are maybe paying 3-4% if you don't mind the duration risk.
willynilly
Well-Known Member
willynilly
Well-Known Member
Average DJIA return. My portfolio is up about 80% from January 2009... 2009 was a great time to buy. DJIA from 6000 to over 11000 points?!
homebrewer_99
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I lost over 50% of whatever I had in my TSP. Right now it's coming close to what it was then.
willynilly
Well-Known Member
Once the market dropped below 8,000 we piled everything we could afford into the market, it was like a blue light special at Kmart out there. Now it looks like we are going to take our money and run (pay off the house)
I probably won't be doing much upgrading. I've already blown plenty of $$ ahead of the tax time on a few things.
Understood, but had everyone known the market was going to be at 11000 today, it would not have been at 6000 at that time, and don't forget it was at 14000 at some point in early 2008. My point was that you can't find fixed income returns at 8% unless you are willing to take more equity like risk.
Wade E
Beer Buster
Just ordered my Barley Crusher and Beersmith, Im all set now and even have around 60 lbs of grains that are waiting in the wind, could someone tell me what and how much of that what I should run through it to soak up the oil Ive read about but cant find that post please?
Synovia
Well-Known Member
Do you realize that our gov't owes roughly 10 trillion dollars, and thats not interest free? Letting the gov't keep your money interest free for a couple months may, in the long run, actually save money, because you're paying it one way or the other.Amen!!
Some people are always "proud" that they are getting a refund and don't realize that they've overpaid their taxes all year long...they could have placed that $$$ in the bank and gotten interest.
I make sure I always pay...
Airborneguy...do you realize how much interest you could have earned on that 20K if you hadn't handed it over to the Gov't?
willynilly
Well-Known Member
Yah, I will hedge my bet and keep my own money. Basically because I have yet to see our govt. not waste what they are given. I am expected to live on a budget, too bad my govt. isnt. I dont lend money to friends that are insolvent
Certainly those tax return checks will be written in Chinese soon.
Certainly those tax return checks will be written in Chinese soon.
Wade E
Beer Buster
I make sure they are giving me money when tax time comes around but not too much, just never want to have to pay out again so each year I try and get it almost null but am very careful to not make the mistake i made a few years back where I owed $3,025!
ronaldmalbow
New Member
Any compromise agreement must be tailored to individual circumstances - there are several common key features to each one.
Very often as part of the terms of a compromise agreement an employee may receive compensation for loss of office which exceeds the statutory minimum amount that an employee is entitled to by law.
Very often as part of the terms of a compromise agreement an employee may receive compensation for loss of office which exceeds the statutory minimum amount that an employee is entitled to by law.
Heck I filled for an extension.
However, so far this spring I got a Barley Crusher with 15lb hopper, 4 corny kegs, and just picked up a fridgerator yesterday to keep the kegs in. I still need my co2, regulator, tubing, faucets and what not. Man it adds up fast.
