Tax Returns. I've been hearing little bits and pieces in blog-land about them from the early filers. CG and I have been talking about them. They have been on my mind. No, I haven't done our taxes yet, but that's not what I've been thinking about. I have a question.
What do you do with your tax return?
There are so many options, really. The only limit is your imagination. And I guess the amount of your return, if you want to be picky.
CG and I have been talking about this lately. Growing up, CG's Dad was self-employed so "tax return" wasn't mentioned as often as "tax deduction". When we were first married things were a little tight. CG was in school and we had an adorable little baby to feed and clothe. And like most people in that situation, we weren't exactly rolling in the dough. We would put our tax return into savings and each month, if our ends didn't quite meet, we'd take money out of savings to put our ends on friendlier terms. We were also able to do some small home projects that way. Not super exciting, but it kept us from getting into credit card debt.
Some people put the money towards their mortgage or student loans. Some do home remodeling projects. Some pay off credit card debt. Some invest....I'm not sure where, but that does sound cool. Some take family vacations. I'm willing to bet that probably someone, somewhere donates it to charity.
So! I wanna know....what are you doing? Feel free to comment anonymously. And ask all your friends and family and comment for them, too. I just really want to know what most people do with their taxes. Because I'm nosy. But you already knew that from my clever title.
As for us, it's going into savings (shock!) until a future time when we need it for.....whatever we need it for. Our big goal is to just get it done in time. Last year we filed our taxes, refinanced our house and remodeled the kitchen all in the same week. This year, just filing our taxes will be enough excitement.
Monday, February 8, 2010
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12 comments:
Well, we just used our entire return to put a down payment on a car. Booo.
I pay my summer car insurance (I pay in June and Dec). If I have more than that savings or stock up. Sometimes I get food storage with it.
This year we used ours to buy a new laptop so we don't have to fight over just one anymore. It's happy. The rest went to pay off the $1200 bill from The Idiots and ODD's Board exam which was a surprising $900 (For a multiple choice exam? Really? Personally, I think they're running a racket.) and the rest went into savings.
Tax refund distribution is usually divided into the following categories...
50% - savings
40% - debts or home repair expenses
10% - a girl's gotta have fun & shopping!!
Tax refunds always vary, depending on what is going on. We always try to save some, then use what's left for house projects or vacations or whatever important activity at the time. It was nice not to use credit for those type of things. To do something bigger than what our normal budget would allow and be able to pay with cash makes the project even more enjoyable. :-)
We're right there with you. Tax returns always go into our savings for a "rainy day." And after the year we've just day, our savings account could definitely use the extra love. :)
This year it is going into savings!
Pay off small bills & the rest is fun money (handbags). No need to judge - I am not married & I have no kids.
Tax Returns? Yeah, I've heard of those. Some day I'll have one.
Well, I just do what I do with my paychecks....spend it stupidly and pray I marry well.
Probably pay insurance and then debts.
Delurking.
My husband spent several thousand dollars of our tax return on a custom made road bike. The rest he spent on a custom pair of shoes for said bike.
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