Tax Return purchases

[Lo-Profile]

The IRS is open for business.
Make me jealous, I gotta pay this year.

Not that I'm not going to buy a 10mm 1911/2011 sometime this year.

 

[NorthBorder]

If it was "my" money it would be paying for my trip to South Africa next fall. But it is "our" money so whatever she decides. All is well though.

 

[kidneyboy]

What is a tax return?

 

[Steel Horse Rider]

I allus have to pay, usually at least three figures so I see tax season as a pain rather than a bonus.....

 

[Theinkman]

What is a tax return?

I think the OP is referring to a tax refund. A return is what you report your income and deductions on and then send to the government.

 

[Jim Watson]

When the government graciously returns some of your money they have been taking all year. The which a lot of people treat as a no-interest savings account.

 

[JmacD]

Mine has to pay for the rotten bathroom floor I had to unwillingly put on a credit card last fall when I replaced it. And this is the year mom claims the kiddo. So I get back a laughable amount compared to what the greedy uncle takes… but, I do plan to pick up a set of good Miti Toyo micrometer for the reloading bench… and a LnL progressive is on the agenda…

 

[Theinkman]

When the government graciously returns some of your money they have been taking all year. The which a lot of people treat as a no-interest savings account.

Many people use it for a savings account because that is the only way they are able to save. And there is no absolute right or absolute wrong as far as refunds are concerned. Whatever works best for the individual is what's right for them. The "no interest" portion of your statement is only relevant if a person were to religiously put some of the money otherwise withheld from their paychecks into an interest-bearing account. How many people would do that?

 

[Howland937]

I've had to pay a few times in the past, so I have an extra $30 withheld each week just to be safe. Should get enough of a refund to buy another couple bricks of .22's
Need to get some of that earned income credit and maybe I could afford one of those Cooper rifles. Not sure how those people get a tax refund without actually paying any taxes.

 

[kidneyboy]

I think the OP is referring to a tax refund. A return is what you report your income and deductions on and then send to the government.

When the government graciously returns some of your money they have been taking all year. The which a lot of people treat as a no-interest savings account.

The last time I saw a tax refund was in the early 1980s. Never had any effect on firearm related purchases.

edited for clarity

 

[DustyGmt]

Paying back a small loan, buying another case of 9mm FMJ's and I'm pretty sure either my or my wife's vehicle knows that I'll have a few extra dollars so I'm sure a costly car repair will crop up out of nowhere since every time I catch up on bills and start inching ahead a massive and costly unexpected repair is needed......

I would also like to buy a shot timer.....

 

[AlexanderA]

When the government graciously returns some of your money they have been taking all year. The which a lot of people treat as a no-interest savings account.

A tax refund is the result of poor planning. Ideally, you should adjust your tax withholding and/or estimated tax payments so that you owe a small balance at the end of the year. Otherwise, you're making the government an interest-free loan.

Many people use it for a savings account because that is the only way they are able to save.

Unfortunately, it often works exactly the opposite. People see their tax refund as a windfall, and spend it frivolously.

 

[reddog81]

The last time I saw a tax return was in the early 1980s. Never had any effect on firearm related purchases.

You haven’t had any income for the last 40 years?

 

[P5 Guy]

Cardiologist and rehab center will be the beneficiaries of my overpaying Old Uncle Sammy.

 

[Howland937]

Otherwise, you're making the government an interest-free loan.

The penchant for ever-changing tax law makes me less comfortable with the thought of owing them even a small amount. Besides, the amount of federal income tax I loan them annually is nothing compared to the amount of social security taxes I've loaned over my lifetime to date. Good chance I'll never get a dime of that back when the time comes.

 

[lernerk392]

You haven’t had any income for the last 40 years?

Possibly meant a tax 'refund'. Which many people haven't seen for years

 

[BreechFace]

Unfortunately, it often works exactly the opposite. People see their tax refund as a windfall, and spend it frivolously.

Too, true.


I try to have a zero balance at the end, but income can come at odd times as well as expenses in my business. I’ll have a decent overpayment this year, it will go straight on the mortgage. Even though our house has a low interest rate, I despise debt regardless of the rate.

 

[Hunter 08]

Probably won't be getting anything back. If we do, it will go into savings/emergency fund. Once that is fully funded, I may look for a better career. Automotive doesn't pay for beans when it's all commissioned based. And considering I spent nearly $2,000 over the course of last year for my AR-10, probably won't do more than hoard ammo.

 

[kidneyboy]

You haven’t had any income for the last 40 years?

I haven't overpaid my taxes in that time.
Edited post #10 for clarity.
I see Wiki now describes income tax forms as tax returns. Kind of a misnomer as a return of your overpayment requires appropriately filled out forms. The same process you follow if you have to pay.

Where I grew up it was called filing your taxes and once the forms were filled out you either paid to catch up or received a return of your overpayment.

 

[lightman]

If I get one it will probably go on the new truck that I recently bought. If not, into savings.

 

[Ks5shooter]

Glock 20 MOS Leupold Deltapoint Pro on top to make the girls quadruplets.G34,G41 and G35 will have a new sibling.

 

[Targa]

If I were to get a tax return and planned to use it to buy a firearm it would probably go to a Henry 45-70 or maybe a Marlin Guide Gun.

 

[DoubleMag]

post #21 EXCELLENT, back to sumthn kinda firearms related vs tax day arrrggg

 

[Mercy Me]

They sure enjoy taxing everything

 

[Chuck R.]

In addition to quarterly estimated payments, I end up writing them a check every year.

I don't mind having to pay, it's better in my opinion than getting a refund and realizing that I could have done something with that money that they sat on. As long as I can keep under the penalty level, I'll keep writing checks and making an angry walk to the mailbox on April 15th or so..