Had the taxes done today

Discussion in 'Life After Brown' started by rod, Feb 25, 2011.

  1. rod

    rod retired and happy

    Between the Feds and the State we get back 300 bucks. My wife does an excellent job with our estimate quarterly tax payments. I hate having a refund because all that means is you have given the government an intrest free loan for a year. Contray to some peoples belief tax refunds are not a good savings program. Those that brag about getting thousands of dollars back are fools.
     
  2. scratch

    scratch Least Best Moderator Staff Member

    I haven't done mine yet, I keep putting it off. The kids are grown and my mortgage is low, so I don't have the deductions I used to. I have had to pay the last couple of years, its depressing.
     
  3. moreluck

    moreluck golden ticket member

    Rod.....we get @$250 from fed and we owe state $40.......that's OK. We always used to pay.
     
  4. satellitedriver

    satellitedriver Moderator Staff Member

    We will owe $327.
    If, we put $6,000 into my wife"s IRA, we will get a refund of $1,000.
    One word comes to mind.
    DUH
    An immediate 16.7% return on an investment, which will be held in a tax differed environment that draws interest.
    The only caveat, to this strategy, is that one has the free cash to invest.
    Luckily, we do.




     
  5. over9five

    over9five Moderator Staff Member

    Exactly, me too.
     
  6. UpstateNYUPSer

    UpstateNYUPSer Very proud grandfather.

    I got my Federal refund yesterday and expect to receive my State sometime next week. Rod is right--a big refund is the result of poor financial planning. The ideal is to break even or be within +/- $100. Suffice it to say I did a poor job of financial planning last year.
     
  7. dilligaf

    dilligaf IN VINO VERITAS

    I don't mind getting a return every year. Getting one this year. :happy2: