It's TAX SEASON once again, bitches!
- Thread starter Fucky McFuckerson
- Start date
ALL I PLAN ON DOIN IS GOIN TO NEW ORLEANS FOR SPRING BREAK 2 VISIT MY FAM .. I AINT BEEN BACK TO NO SINCE 99 WHEN I MOVED BACK TO CALI .. SHOULD BE FUN .. sidenite: I MAY WANNA INVEST IN A VEST WHEN I GO TO NEW ORLEANS ALSO ... THEN IMA JUS THROW THE REST IN SAVINGS AND LIVE OFF MY WORK CHECK & SUM OF MY MGI BILL THAT I WILL ALSO BE SAVING
Wow, glad to see everyone is just spending it leisurely.
You need to remember that this isn't come up money. This is money that you paid the government. All they are doing is giving some of it back to you.
Imagine if I borrowed 5K from you. Then gave you 5K back a year later. Would you really just go out and blow the cash? Of course not. Why treat this any different?
Treat it like it is your own money because it is. I find it amazing that people consider this a come up.
You need to remember that this isn't come up money. This is money that you paid the government. All they are doing is giving some of it back to you.
Imagine if I borrowed 5K from you. Then gave you 5K back a year later. Would you really just go out and blow the cash? Of course not. Why treat this any different?
Treat it like it is your own money because it is. I find it amazing that people consider this a come up.
What are we supposed to do with it? Put it in a safe and keep it there for a ton of years? I've got my bills paid off, I got no rent anymore, and still have a few fines that I'll probably pay off with it. I NEED a vehicle, mine broke down in November, I NEED a cell phone(not just for personal use, but for work), mine broke last week, I NEED new clothes.
Ha, I wasn't speaking directly in your direction.
Generally, I would have to assume you aren't taking buses to work and already had a cell phone. If you don't have those then those are definitely things that you would need.
Like I said, it's yours to do with.
I suggest you do it wiser than that though.
I strongly suggest you don't buy a car, but rather finance or lease one. The interest paid on those are tax deductible. If you go and flat out buy one then the only write off you will get is its depreciated value over the next several years. To go throw down 5K on a car won't hold any value to the IRS next year unless you can put it down as a business expense (own a corp, etc.) or if you have someone that can wash it as something else (which is illegal, but you get the full tax deduct none the less).
This tax refund is also considered income and is taxed.
So yes, there are other ways to slice the pie.
"I'm going to go buy a car with my tax refund" isn't the best road to go down.
Then again, do what you want.
Just lending advice...
Generally, I would have to assume you aren't taking buses to work and already had a cell phone. If you don't have those then those are definitely things that you would need.
Like I said, it's yours to do with.
I suggest you do it wiser than that though.
I strongly suggest you don't buy a car, but rather finance or lease one. The interest paid on those are tax deductible. If you go and flat out buy one then the only write off you will get is its depreciated value over the next several years. To go throw down 5K on a car won't hold any value to the IRS next year unless you can put it down as a business expense (own a corp, etc.) or if you have someone that can wash it as something else (which is illegal, but you get the full tax deduct none the less).
This tax refund is also considered income and is taxed.
So yes, there are other ways to slice the pie.
"I'm going to go buy a car with my tax refund" isn't the best road to go down.
Then again, do what you want.
Just lending advice...
I don't even have a ball park figure of how much I'm getting back. I started this job this past April, and these other posters probably have been working for over an year I have to assume with the figures they're throwing out there. I'll probably get a grand or so, and I don't have good credit at all. So I don't know if I'll even be able to finance or lease a car, unless I get a co-signer with good credit, which I don't know too many people with that. My only choice is to buy a used vehicle for time being, if I can even find a good cheap one.
