It's Tee-AX Time!
 

This is one of my favorite times of the year :) After watching the bank account shrink due to xmas a new years adventures, it finally gets a nice little boost with a nice tax refund!!

Post up what you guys are getting back, and what you plan on doing with it! I know we all do taxes differently, but lets please not get into the "it's smarter to get/not get a refund" debate, and chalk it up as different strokes for different folks.

I just finished mine using TAXACT.com which I've used for the past 5 years flawlessly. Not quite as user friendly as TurboTax, but significantly cheaper. And like always, I do my return on both sites just for return amount comparison sake. And like always, they both came back with the same amount. So filed with Taxact.com for $18 total Federal and State.

Fed Refund = $4190.00
+
State Refund = $946.00
-
Filing Fee = $18.00
=
Grand total = $5118.00


Plan on putting $2k towards the principle on my house. Plan on taking $1k and starting a Roth IRA at Wells Fargo. Put another $1k into my savings account. And the remaining $1100 will be to play with :) Not sure what I'll get yet. Things I want for the Lexus are an Intake Mani, Clutch, new tranny setup. Envoy needs maintenance (shocks, rear diff, tranny, tranny cooler). Things I want for the boat are a Wakeboard Tower, new stereo setup, new tarp. Things I want for the house are paint for some walls, materials to redo the upstairs bathroom, misc new hardware like new door knobs.

Obviouslly it won't cover all that, but I'll end up just picking the ones that are most important. Woo Wooo!!!

What about you guys?

Re: It's Tee-AX Time!
 

Lex is most important!

Re: It's Tee-AX Time!
 

Wow, thats a helluva return.

I am hoping for the 2k region with my house interest payments helping out a ton.

Mine goes towards paying off debt...and a tubular mani perhaps.

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Prolly a bit over 1k here.

Either a new snare or a jdm rear bumper/jdm tail light combo.

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I'm done with W2s, haven't gotten to state stuff or car sale/purchase yet, but I calculated my federal return to be $1006.

Re: It's Tee-AX Time!
 

Have done our taxes yet, probably start them this weekend. No state return for me though, only federal.

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Already got mine back.

...and Brandon, there's a good deal on a V161 tranny on ClubLex. $3200 w/ only 32k miles! ;)

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Paying down/off personal debts, which will then allow them to support the economy thru additional purchases.
Then wedding stuff.
Maybe a new daily driver/ auto-x project if one comes along.

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Very tempted to spend a portion on the Cusco 35/65 F/R fixed center differential. But will probably use it to pay shit off instead :(

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I'm getting 980 back this year,I dont really have a car to play with so I might for once be responsible and save it or just put it towards bills

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I got a little over 1200 back, probably gonna use some of it to fix up this beater I just got.

Re: It's Tee-AX Time!
 

I'm not a tax expert. But what can you claim from buying a vehicle? I bought the Envoy and the SC300 in 2010, but never found anywhere that I could claim anything. Only thing car related I was able to claim was $55 for license tabs on my Envoy.

Re: It's Tee-AX Time!
 

Pretty sure a sale counts as income, and that the purchase isn't a normal sales tax. I'm fairly certain there's something somewhere. But I'll report back for sure.

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Yeah definately report back! I usually just go through the questionaire and never see much about car related stuff. I sold 2 cars this year (saab and talon) but also bought 2 cars (Envoy and SC300). So if I should have been claiming something, I better go back. It'd probably work in my favor though because the total of the cars I sold was probably around 9k, and the total of the ones I bought was around 14k.

Re: It's Tee-AX Time!
 

My refund is enough to pay off the AmEx. That's around half of what I blew on the car last year. I wasn't expecting quite so much, so I'm very happy about it.

Re: It's Tee-AX Time!
 

*sigh*

The only way you can count a car as income is if the sale of the vehicle was used for business purposes.

If it was for personal use, then all you can claim are the tabs - which Brandon did.

Re: It's Tee-AX Time!
 

hoping to get a lot back, i'm poor and a student. We will see. Return will be used for the purposes of eating and having a roof over my head.

Re: It's Tee-AX Time!
 

I'm curious to find out how much we get back this year since it was our first full year of home ownership. No big plans for it though, probably save most of it, but we do plan to get a new fence this spring.

Re: It's Tee-AX Time!
 

I'm barely getting anything back but what I am is going towards a milsim paintball set up.

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It looks like I'll probalby get around $1,500 or so back. Will probably put it towards the car payment or maybe a set of cams ;)

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No idea what the Wife and I will be getting back yet, but whatever we do get back will be going towards debt and saving for a house.

Re: It's Tee-AX Time!
 

No clue here either. im going to a tax guy this year (does my brothers and dads taxes) due to my having to file for 2009 and 2010 (likely to be some penalties for 2009 but oh well).
Hoping to make it out in the green but we will see. I got something like 15,000 taken out during the time i have been at RBC. (started in May i believe), so i am expecting a big chunk of that back.

Re: It's Tee-AX Time!
 

If you itemize I thought you could deduct the sales tax you paid on the vehicle purchase as well.

I haven't calculated mine out yet, but I'll probably get around $1500. I got around $1000 last year but I took one less withholding this year on my W4. It will be going towards my last credit card bill.

Re: It's Tee-AX Time!
 

My co-workers wife is a former CPA. Here's what she said:


If it was a personal car you sold and you sold it for less than you bought it for, then you don’t have to claim it as income. However, if you bought a car for $2,000 and turned around and sold it to a sucker for $4,000, you would claim $2,000 income. If you bought the car for $2,000 put $1,000 worth of work into it, you could only claim $1,000 (if I understand all of this correctly).

As far as new cars. You can only claim the sales tax if you are taking the sales tax deduction in the state of MN. Otherwise, if you are taking the income tax deduction, you can’t claim the sales taxes on new cars (or any other item for that matter).

Here are some links my wife shot me that may explain this better:
http://www.irs.gov/individuals/artic...152421,00.html
http://www.irs.gov/taxtopics/tc409.html

Re: It's Tee-AX Time!
 

^^That kind of stuff is why I pay my tax guy $100 to do ours. I'll gladly pay him to know that stuff haha

Re: It's Tee-AX Time!
 

1,300 for me. Paying off my motor

Re: It's Tee-AX Time!
 

$18 Taxact > $100 Tax man for me since mine are so simple. But if mine ever got complicated, then I'd definately just pay someone to ensure they are done correctly!

Re: It's Tee-AX Time!
 

Yea, me = fail at math, so it probably wouldn't be the best idea to try tackling taxes on my own. lol

Re: It's Tee-AX Time!
 

Hoping for a couple thousand back total, it will go towards bills and savings mostly.

Taxact is super easy, you dont have to do any math, thats what the software is for haha.

Re: It's Tee-AX Time!
 

yep! I use turbo tax at my rents and have no problems besides there computer being slow. just waitingon my renters credit from the last place i lived. its my first full year being full time with full pay. I hope for over a grand this year and it will go towards my vegas vacation and anything left towards a rallyx car.

Re: It's Tee-AX Time!
 

Woot for paying off anna's car this year, and finishing the e-fund for the total money makeover. Been a long time coming! We haven't really been gazelle intense lately.

Re: It's Tee-AX Time!
 

?_?

What the hell does ANY of that mean?!

Re: It's Tee-AX Time!
 

after 6 months of unemployment last winter and pulling some money out of my IRA to keep up I'm really hoping I made enough to not need to pay in. I would be thrilled if I broke even...

Re: It's Tee-AX Time!
 

Doing mine Sat morning.

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The 10% early withdrawl penalty will probably kill your return.

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LOL only thing I can think is it has something to do with the money/finance book he reads?

Re: It's Tee-AX Time!
 

ah ha!

http://www.daveramsey.com/article/ga...ndmoney_other/

Re: It's Tee-AX Time!
 

I claimed enough so they did not take any federal tax out because my mom said with me supporting my wife and kid, and us both going to school full time, the extra a month will help out and not paying in won't make a huge difference at tax time.

My mom does taxes and bookkeeping for a living so she does mine for free. She said my return should be deposited next Friday. We are getting $4,850 because of claiming head of house hold and child tax credit. And then an extra $2,000 because of us both going to school so we are totaling $6,850.

That will be used to pay a few things and take some out to save for a trip to the Black Hills this summer. Then the rest goes with whatever I can get for selling my Yukon and getting a new car. And if any is left that goes into savings.

Re: It's Tee-AX Time!
 

1600 fed 650 state

Going towards a throttle body for the Chevelle and guns

Re: It's Tee-AX Time!
 

Good idea on the gun, maybe I'll go buy one with a portion of what we get back.