Comments on: What Should I Do With My Tax Refund? http://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/ A place to discuss money...for the rest of us. Thu, 24 May 2012 23:41:30 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Iranian Loverhttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-36880 Iranian Lover Tue, 31 Aug 2010 00:14:35 +0000 http://www.mytwodollars.com/?p=1930#comment-36880 I agree. Just as soon as I receive my Refund Check, it clears my Bank, I will donate to the needy. Myself as well. I agree. Just as soon as I receive my Refund Check, it clears my Bank, I will donate to the needy. Myself as well.

]]> By: Meghttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31922 Meg Tue, 10 Mar 2009 15:58:57 +0000 http://www.mytwodollars.com/?p=1930#comment-31922 We are using ours to continue to finish our basement. While not a necessity, we've determined that it will add to our home usability, enable more hospitality and in general, it's a good use of our money. We're committed to paying down debt with my income and living on my husband's. Of course, we'll be doing most of it ourselves and count ourselves blessed to be related to a contractor, an electrician/apprentice, and a former painter/drywalling finisher. :) We are using ours to continue to finish our basement. While not a necessity, we’ve determined that it will add to our home usability, enable more hospitality and in general, it’s a good use of our money. We’re committed to paying down debt with my income and living on my husband’s. Of course, we’ll be doing most of it ourselves and count ourselves blessed to be related to a contractor, an electrician/apprentice, and a former painter/drywalling finisher. :)

]]> By: RateNerdhttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31700 RateNerd Tue, 24 Feb 2009 22:27:48 +0000 http://www.mytwodollars.com/?p=1930#comment-31700 Tax Refund? What Tax Refund? All I ever do is write checks to the government so they can go waste my money on wars and pork. At least fix the stupid potholes for goodness sake! Tax Refund? What Tax Refund? All I ever do is write checks to the government so they can go waste my money on wars and pork. At least fix the stupid potholes for goodness sake!

]]> By: Richardhttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31617 Richard Thu, 19 Feb 2009 06:46:05 +0000 http://www.mytwodollars.com/?p=1930#comment-31617 Paying off debt is certainly where our tax refund will be going this year. We also have property taxes due around the same time. Fortunately, this bill from our local government is tax deductible, which is a plus. I agree that the goal is to have no return. This means that you are planning accordingly and are making the most of your money. It makes more sense to invest the funds (even if its in a bank account) versus having the government hang onto it. TurboTax (and others) have some handy calculators to help adjust the amount you claim on taxes. Paying off debt is certainly where our tax refund will be going this year. We also have property taxes due around the same time. Fortunately, this bill from our local government is tax deductible, which is a plus.

I agree that the goal is to have no return. This means that you are planning accordingly and are making the most of your money. It makes more sense to invest the funds (even if its in a bank account) versus having the government hang onto it. TurboTax (and others) have some handy calculators to help adjust the amount you claim on taxes.

]]> By: Tinahttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31597 Tina Wed, 18 Feb 2009 05:39:28 +0000 http://www.mytwodollars.com/?p=1930#comment-31597 I did my taxes on line and received my refund two weeks after I received my W-9 from my employer. I used a half of it to pay off cc debt(2 cc's gone!!!), start my first savings account in 10 years(set the acct up to autowithdraw on my paydays) and have 470.00 left to see my family in the fall. Married with single income and no children. I did my taxes on line and received my refund two weeks after I received my W-9 from my employer. I used a half of it to pay off cc debt(2 cc’s gone!!!), start my first savings account in 10 years(set the acct up to autowithdraw on my paydays) and have 470.00 left to see my family in the fall. Married with single income and no children.

]]> By: frugalcpahttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31580 frugalcpa Tue, 17 Feb 2009 04:26:49 +0000 http://www.mytwodollars.com/?p=1930#comment-31580 We'll let it accrue interest for awhile and then use it to pay some of our subsidized student loans off before they become unsubsidized. We’ll let it accrue interest for awhile and then use it to pay some of our subsidized student loans off before they become unsubsidized.

]]> By: Slinkyhttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31577 Slinky Mon, 16 Feb 2009 22:37:15 +0000 http://www.mytwodollars.com/?p=1930#comment-31577 My tax return is going to get my piano tuned (splurge), contribute $20 towards replacing my computer headphones (splurge), top off my efund to 4 months basic expenses, and pay down my car loan. I always give myself a (proportional) splurge from a windfall before directing the rest towards my current goal. I think an eFund should get funded before paying down debt unless your position is very secure, or paying down the debt will significantly improve your financial position. My tax return is going to get my piano tuned (splurge), contribute $20 towards replacing my computer headphones (splurge), top off my efund to 4 months basic expenses, and pay down my car loan.

I always give myself a (proportional) splurge from a windfall before directing the rest towards my current goal. I think an eFund should get funded before paying down debt unless your position is very secure, or paying down the debt will significantly improve your financial position.

]]> By: Timhttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31574 Tim Mon, 16 Feb 2009 17:17:22 +0000 http://www.mytwodollars.com/?p=1930#comment-31574 With the economy the way it is right now, contingency fund wins out for me. I would also add hitting up the IRS web site for the withholding calculator and finding out what I need to do such that I have that money today rather than getting a refund next year. It took almost 10 years to convince my wife that getting a refund was a bad thing, and that with good money management having to pay a little was an even better thing. With the economy the way it is right now, contingency fund wins out for me. I would also add hitting up the IRS web site for the withholding calculator and finding out what I need to do such that I have that money today rather than getting a refund next year. It took almost 10 years to convince my wife that getting a refund was a bad thing, and that with good money management having to pay a little was an even better thing.

]]> By: Neal Franklehttp://www.mytwodollars.com/2009/02/16/what-should-i-do-with-my-tax-refund/#comment-31570 Neal Frankle Mon, 16 Feb 2009 15:51:45 +0000 http://www.mytwodollars.com/?p=1930#comment-31570 I like the priorities listed here and I agree completely. The only minor point I'd add is that if you do have debt, find out why. If you don't address that core issue, you'll likely find yourself right back in the same debt disaster. I like the priorities listed here and I agree completely. The only minor point I’d add is that if you do have debt, find out why. If you don’t address that core issue, you’ll likely find yourself right back in the same debt disaster.

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