Tax Refunds....

[treeluva]

Tax time is right around the corner and I was wondering what plans people have for (any) tax returns they may receive?

My tentative plan is to put $750 of it into my savings account for a buffer for the slow summer months so I am tempted or forced to use credit.

Then I want to apply the rest of it to my Discover card so I can hopefully have the balance paid off before the interest starts.

I am sure people will say either savings or paying off debt or maybe something small and fun, I am just curious as to what specifically people have in mind.

[Cricketlegs]

We had to pay stupid tax last year--a 401k cashin and Ebay--so we had to pay the IRS.

Whatever we get this year, no matter how small, will finish up if my EF is still hurting from its last hit and then the rest, if any, on my CC.

I am not looking for FUN I am looking to get rid of debt and get the EF back in place.

[hwmabire3]

Are we even going to get refunds? They were saying on the news that the bailout was going to cost every tax-paying citizen $7,000. I admit, I have no idea how it's going to work. I just hope we don't end up owing anything.

[DonnainME]

We are thinking we might get back around $3k. We are going to buy a used vehicle for somewhere around $1500. We're gonna save some for a Thanksgiving trip to TN to visit my younger 2 children. The rest I want to save. We don't have an EF yet, only a SMALL - very SMALL savings account.

[jamie79]

If we get one then it will go onto debt and maybe help ods with his 2nd semester tuition bill

[momofslg]

Hoping to get around 2500 and I plan to use it all to pay off my last CC. The balance jumped and I haven't updated my signature. ( had to get a new roof. put that on the CC and am waiting for the insurance company to reimburse me. they said that they definitely will but the payment comes in installments )

[vigilant20]

I'm dividing it between an extra mortgage payment, savings, a home improvement project, and 1 or 2 things from my wishlist (pressure canner and supplies, freezer, wonder wash, or composter maybe)

[The Muse]

Tax refund??? What's that??? We have extra taken out and somehow end up owing at least $4K every year! God, I hate tax season.

[mickee311]

Down payment on a new car for me. My car is probably on it's last leg. A nice new car is what's on the agenda.

[Jessesbride]

Tax time is right around the corner and I was wondering what plans people have for (any) tax returns they may receive?

My tentative plan is to put $750 of it into my savings account for a buffer for the slow summer months so I am tempted or forced to use credit.

Then I want to apply the rest of it to my Discover card so I can hopefully have the balance paid off before the interest starts.

I am sure people will say either savings or paying off debt or maybe something small and fun, I am just curious as to what specifically people have in mind.

well, 5 yrs ago I cosigned on a loan & now they are suing me for it b/c the person who recieved the loan didn't pay it & no, didn't put it into forebearance... so now they are coming after me (Why do I have to learn things the hard way?) ... so they will probably get any & all tax refunds! not only mine but my hubbys as well. But if they don't get all of it, whatever is left will go into baby eme fund & then if any left, it will be put towards more debt.

Kim

[freebs]

We will pay our property taxes up for the year and are going to build a porch so i can use my back door.Then stock up on animal feed

[monkeywrangler71]

I'm anticipating a massive reduction in income this year, so if that happens the tax refund will be going into the operating account to pay for next years big expenses (property tax, insurance, etc.)

[FrugalMomof3]

Since my EF is complete I would have to say we would probably stockpile a bit on food/toiletries, pay any bills we have come that time (we usually file taxes as soon as we get our W2's... thank goodness this year we only have to wait for 1 W2).

We will probably also use a bit of it to do some improvements in our new home.

[Wendy99]

We need some new windows in the house, so that would have to be priority .. but going to try to save as much as possible for those in advance .. working on getting our fully funded EF ready too .. and still have to save for vacation .. so it will be windows first, then IF anything left over between vacation & EF

[walker24]

We usually break even between state and federal but if we do get one it will go directly into the savings account. Boring but necessary