It is currently tax refund season in the US, many people have started filing their taxes this year a bit late due to the recent Gov shutdown. But now we are in full swing of tax refund season and I know many people are expecting to get a refund whether its a small one or a hefty refund ,if you get a hefty one please adjust your holding so your not giving the government an interest free loan.
My question to everyone who is expecting a refund, what will you be doing with your refund?
Are you going to take that long forgotten vacation that is much needed to maybe the Bahamas?
Is it time to upgrade and use the money towards a new car?
Or are you going to build that PC you always dreamed about building?
Or will you splurge and buy all of Ankers new products like the Powerhouse
Either way, if you plan on getting a refund, let us know how you plan to spend it or simple if you are going to save it for a rainy day. Let us know in the comments below
Mine is going towards my mortgage final payment. 10 year mortgage getting paid off in 3 years… YAY!!!
Everything else can wait
Never get any refund!
The German government is one of the greediest in the world.
Spending our taxes on all other things all over the world, but do not care for the residents.
BUT I have to stop talking about this.
Makes me SO ANGRY and I have to calm down…
I’m not sure how much of a refund I will get. So I can’t decide til I know
The best practice for us in the U.S. is to set your withholdings to the correct amount so that you get as little as possible back at tax time and more in each check. People get super excited about getting a refund, which is understandable, but all it is doing is giving the IRS a tax-free loan for the year. I finally got mine set to where I want them after we purchased our home, but I still miss seeing a large amount back instead of the tine amount that we receive, but hey, more money through the year is a nice thing to see as well.
Worst part for me this year is that my 2nd child was born on Jan 5th, which puts the $2k tax credit onto next years return, but happy healthy baby is better than that $2k any day of the week.
That being said, the $2k and remainder we are getting are going towards both kids college funds (gotta start early) and we are going to use some for a little spending money when we head over to the Netherlands in June with the kiddos so I can see where my wife grew up. Well at least one place she did at least as she was born in Iraq, escaped to Turkey, then the Netherlands, and then to the U.S. when she was 12. I just want some croquette, kroket and some patat and i’ll be all set
Vacation perhaps? Or some nice new electronic gadgets!
The tax systems are so different from country to country.
But mostly they charge you.
Behind the UK government.
We in essence pay double tax.
Taxed on earning then taxed on anything we buy
Then add in road taxes, water charges etc that don’t go in to fixing problems - instead goes into politicians back pockets.
So basically it’s no different there than it is here in the states.
Been ages since I got any refunds
6 years ago when I worked for University of Wisconsin, they messed up my taxes (didn’t pay correct taxes out of my paycheck). At tax time I end up getting tax penalty. I told university that I intend to sue them. Very quickly they paid all the back taxes to IRS.
I’m gonna get caught up with a couple bills I’m behind on and saving the rest. Perhaps I’ll try myself to a couple of inexpensive things but I’m saving up the rest
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.
I never get any tax refund in China, we don’t have this policy.
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.
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
Just invest it to get even more
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
We are using our refund this year to pay down som debt and put the rest in savings!