Plans for your income tax refund?

[Lostsoul33]

For those of you who are getting an income tax refund, how much is it and what are you going to do with it?
I think we'll be getting approximately $1000 back. Hubby is already trying to spend it but I've told him that we're going to put it onto our credit card debt and some into our savings. We may keep $50 out for a bit of mad money but that will be it.

[Russell]

Re: Plans for your income tax refund?

We should be getting about $3k back but we recently spent quite a bit of money on our trip to Hawaii (we needed a break) and paying double rent for Feb since we moved from one rental to another

So it'll go back into the savings account. However, if that wasn't the case we would've put $1k in our daughter's education fund, $1k for the wife to invest in her ROTH and $1k for me to invest in my ROTH.

[shelbylovesmelby]

Re: Plans for your income tax refund?

some on the credit card, a shed, gravel for our drive way, some landscaping items, property taxes, and the rest will go in savings to make our van payments & for grocery/bill $ when we are dead broke.

[cercis]

Re: Plans for your income tax refund?

I have to pay. That's what happens when you get a job and the other person doesn't adjust their withholdings. I'm actually kind of excited though, this the first year since we had kids that we are doing well enough that we don't get EIC.

[PrincessPerky]

Re: Plans for your income tax refund?

Heh, now there is a finance goal! Not qualifing for the EIC!

Ours is going to finish the CC debt and for DC trip (not going till October) and a new mattress, splurge, but boy do I want it!

[cercis]

Re: Plans for your income tax refund?

Hey Princess, you have to look at the bright side, right? I could freak out about having to pay or I could look at it for what it really is, proof that life is getting better for us. I have to admit, though, I miss getting those large refunds.

[frugalfarmwife]

Re: Plans for your income tax refund?

Our refund will be going into savings for the moment until we find a good deal on a round baler which we really need, we've had to pay for round baling at $5.00 a bale and it really adds up, hubby is so excited it's like buying him a Christmas present, lol!

Always something to buy for a farm

kj

[cercis]

Re: Plans for your income tax refund?

KJ, will you be able to use your baler to bale other hay for a wage?

Do you have the other equipment? Or does the baler do it all now? I remember watching the hayers - the mower, then the raker and then the baler. And then, since it was square bales, the haulers.

[frugalfarmwife]

Re: Plans for your income tax refund?

KJ, will you be able to use your baler to bale other hay for a wage?

Do you have the other equipment? Or does the baler do it all now? I remember watching the hayers - the mower, then the raker and then the baler. And then, since it was square bales, the haulers.

I see I'm not the only insomniac here

We could possibly contract out baling as long as we get all of ours done first, with hubby working full time time is tight.

And we currently have 3 tractors, a haybine (cutter/crimper) rake and a square baler, the rounds just work better for the cattle and the broodmare herd. And round baling is so much more time efficient. Hubby also has plows, discs, choppers, blades, planters,pickers, you name it, BUT, all older equiptment that he is great at maintaining/fixing, you just can't afford new equiptment these days! He also usually finds a way to trade for most equiptment or finds great deals. (our place looks like a used implement sales lot!)

The contract balers in our area who do all work for farmers (from cutting to baling) lease equiptment yearly and have $80,000 balers, $20,000 haybines, $100,000 tractors, $15,000 rakes, etc. A small farmer can NOT afford new equiptment!

Oh and hubby has also decided he has to have a tedder to fluff the hay rows for quicker drying, this is an interesting debate around here, lol!

kj

[Bluezy]

Re: Plans for your income tax refund?

All $2660 of our refund will go into retirement. There is a lot of making up to do since I had to cash in all my retirements earlier this decade. CJ already has his windfall in this new 529 and passbook savings, so it's all organized.

[dwallyfam]

Re: Plans for your income tax refund?

Our refund will go to pay down debt. We are trying to get to where we have nothing but the house and even then get that paid off as fast as possible.

[Lemony]

Re: Plans for your income tax refund?

We used to get thousands back, but we changed our withholdings last year so we'd have more throughout the year. I think this year we're getting $350 back. We're putting it all on the next debt in our snowball.

[Ima saver]

Re: Plans for your income tax refund?

I don't even want to know how much we will owe this year. we usually sell one spec house a year, but this year we sold two.

[shawni]

Re: Plans for your income tax refund?

I'm in the same boat with Cercis. Before my new job, we used to get $1500 to $2000 back. The school credits helped out alot there, and when I got a "real" job our income dramatically changed. We need to look into our withholdings again because we owe.

[acezz4e_tish]

Re: Plans for your income tax refund?

4 g. were using it to pay off our taxes, maintenence on our cars.