Taxes Tomorrow. Good Day = F30 soon

[reedo302]

Not really anything too profound here, I'm just excited and nervous. I have a lot of write-offs this year, and I refinanced my house and bought the wife a new CR-V in 2012. I'm hoping when my tax lady comes over tomorrow, it winds up being very good news. I have heard varying reports of what to expect back from those two things, but hopefully I'll see what it winds up being.
If I get a good return, I can put in my order for an F30 and try and time it to get it in mid-late April.

Planned build:
328i M Sport
Estoril Blue II
Style 400M with Performance Tires
Black Leatherette
Aluminum Trim with Estoril Accents
Sport Auto w/ Paddles
Tech Package
Lighting Package
Harmon Kardon Sound
Anti-Theft Alarm
M Performance CF Rear Spoiler

[RambleJ]

I haven't received money back for my taxes in 7 years..
I hate tax time

[DSB335d]

Originally Posted by RambleJ

I haven't received money back for my taxes in 7 years..
I hate tax time

That's good! I'd rather not get anything then let the government have a tax free loan at my expense... Sure beats owing them money!

[justinnum1]

why not get the 335? it includes the alarm and lighting package, would cost about 1800 more

[BayMoWe335]

Probably should tap the brakes on getting the car if you're relying on a tax refund to finance it. Remember, tax refunds aren't a good thing in most cases...

Also scary you need your "tax lady" to give you the good news and you sound like you have no earthly idea what the number will be.

I pretty much know exactly what I'll owe before I even start.

[reedo302]

Originally Posted by justinnum1

why not get the 335? it includes the alarm and lighting package, would cost about 1800 more

Similarly equipped, it's $4350 more.
I don't need the 335i though. Wouldn't mind one, but don't need it.

Originally Posted by BayMoWe335

Probably should tap the brakes on getting the car if you're relying on a tax refund to finance it. Remember, tax refunds aren't a good thing in most cases...

Also scary you need your "tax lady" to give you the good news and you sound like you have no earthly idea what the number will be.

I pretty much know exactly what I'll owe before I even start.

I have never owed. I wind up getting a good refund every year. Everyone I work with is the same way, save a few guys who have jumped tax brackets due to having second jobs.
I know the minimum I'll get, but I don't know what I'll get from the refi and the other car purchase. That's where the uncertainty is. I don't know the first thing about doing taxes since I have a tax lady for that. I always wind up paying out a lot more in taxes throughout the year, and every tax season is like Christmas for us (myself and my coworkers).
I can get the car whenever I want, but a better return means I can get it with a lot lower payment. I want a lower payment, and I'd prefer to not have to wait until summer to get the same payment. My current 2003 Mazda beater car that I intentionally drove into the ground is on it's last leg, and I'm not sure it'll hold out until summer. There are squeaks, rattles and grinding noises that I can't identify, and the car is rusting out at 170k salt-pounded miles.

[Red Bread]

If you have a CPA, and you consistently get a material return, you are being robbed. Does your CPA drive a Ferrari?

[reedo302]

She does my taxes and she's my wife's second cousin, and we don't pay much for it. The tax setup I have is the exact same as every other person I work with in my same situation (married, no kids, homeowner), and their returns are similar to mine. It's easy, and I honestly don't care about being any more involved than handing her a folder full of receipts and paperwork and waiting 30 minutes.

[kwike92]

Hahaha I'm self employed, single, no kids etc... I wish I didn't get a refund and owed nothing.. Hahaha lucky you!

[reedo302]

I used to work as a construction sub-contractor in my younger days. Hated dealing with taxes because it was a family business and nothing got taken out. Then and again, I also hated working construction.

[amanda hor$t]

i haven't gotten a refund in nearly 10 yrs (since i went off w2). though i haven't paid a whole lot either since.

my cpa is a badass

[wv128bmw]

I am a financial planner and can not get it through my clients head. A tax return is nothing but their money that the government held all year. Why do people still insist on a refund.

Lets put this as simple as possible. If you are not writing a check on April 15th then you messed up!!!!! ( I have a few clients that have changed - one actually last year came $20 from owing a penalty- my hero).

Op ask your tax lady how to change your with holdings to the correct amount. Then bank the difference every paycheck. At the end of the year you will have your refund PLUS interest BEFORE you do your taxes.

[Cyrax91]

Originally Posted by wv128bmw

I am a financial planner and can not get it through my clients head. A tax return is nothing but their money that the government held all year. Why do people still insist on a refund.

Lets put this as simple as possible. If you are not writing a check on April 15th then you messed up!!!!! ( I have a few clients that have changed - one actually last year came $20 from owing a penalty- my hero).

Op ask your tax lady how to change your with holdings to the correct amount. Then bank the difference every paycheck. At the end of the year you will have your refund PLUS interest BEFORE you do your taxes.

Im a CPA and I totally understand your thought process. I do friends tax returns and they enjoy getting a few grand at tax time. Theyve tried it the other way, but put the money away for a bit then end up spending it because the difference is so minor month to month. Its obvious that if you can be responsible and put the money away the benefit is in withholding less and trying to minimize tax paid/refund at year-end. But if you enjoy spending money and cant get the benefit of the interest etc then it doesnt make a difference what you do ha. All depends on spending it over time or taking the bigger refund and throwing it all on BLACK !

[Litos]

i hate all you jerks getting refunds......

do me a favor and eat anthrax....

thanks.....

[RambleJ]

Originally Posted by Litos

i hate all you jerks getting refunds......

do me a favor and eat anthrax....

thanks.....

This!!

Every year I owe money to the government!

[Mr Tonka]

Originally Posted by wv128bmw

I am a financial planner and can not get it through my clients head. A tax return is nothing but their money that the government held all year. Why do people still insist on a refund.

Lets put this as simple as possible. If you are not writing a check on April 15th then you messed up!!!!! ( I have a few clients that have changed - one actually last year came $20 from owing a penalty- my hero).

Op ask your tax lady how to change your with holdings to the correct amount. Then bank the difference every paycheck. At the end of the year you will have your refund PLUS interest BEFORE you do your taxes.

I'm going to put this as simple as possible.... MOST people don't live on a budget. Money left over (if any) after paying the bills is spent as discretionary income. If there is none left over, they will use CCs as their discretionary income.

[goalieman24]

Originally Posted by wv128bmw

I am a financial planner and can not get it through my clients head. A tax return is nothing but their money that the government held all year. Why do people still insist on a refund.

Lets put this as simple as possible. If you are not writing a check on April 15th then you messed up!!!!! ( I have a few clients that have changed - one actually last year came $20 from owing a penalty- my hero).

Op ask your tax lady how to change your with holdings to the correct amount. Then bank the difference every paycheck. At the end of the year you will have your refund PLUS interest BEFORE you do your taxes.

I am as well, and completely agree.

Change the tax withholding around so that more is coming in every paycheck instead of getting that lump sum many months later. Having more every paycheck will more likely get used for things with a purpose, like making bigger payments towards outstanding debts. But instead, people get that refund check and have the mentality that it wasn't theirs to begin with and go out and buy that big screen TV or some other unnecessary splurge... while still paying 10+ percent on that credit card balance.

After all, one of the most basic principles of finance is 'money received now is worth more than money later'.

[smyles]

Originally Posted by reedo302

Not really anything too profound here, I'm just excited and nervous. I have a lot of write-offs this year, and I refinanced my house...

If you refinanced with lower %, your deduction will be lower, so if anything it reduces your refund... unless you paid points, of course.

[badazzm]

Originally Posted by smyles

If you refinanced with lower %, your deduction will be lower, so if anything it reduces your refund... unless you paid points, of course.

Yep. Re fiance means your refund will be lower unless u paid points. What kind of write off's? Are you W-2 or business? W-2 write off's are limited if you don't know.

[badazzm]

Originally Posted by BayMoWe335

Probably should tap the brakes on getting the car if you're relying on a tax refund to finance it. Remember, tax refunds aren't a good thing in most cases...

Also scary you need your "tax lady" to give you the good news and you sound like you have no earthly idea what the number will be.

I pretty much know exactly what I'll owe before I even start.

That's because maybe you are an accountant? Most of the common people have little to no idea when it comes to tax time.

[badazzm]

Originally Posted by goalieman24

I am as well, and completely agree.

Change the tax withholding around so that more is coming in every paycheck instead of getting that lump sum many months later. Having more every paycheck will more likely get used for things with a purpose, like making bigger payments towards outstanding debts. But instead, people get that refund check and have the mentality that it wasn't theirs to begin with and go out and buy that big screen TV or some other unnecessary splurge... while still paying 10+ percent on that credit card balance.

After all, one of the most basic principles of finance is 'money received now is worth more than money later'.

Good/Bad advice. If you have a bigger paycheck, you will spend more. If you get a nice refund around tax time, you can use it towards much better things (unless how suggested by you, if you have credit card debt, bigger paycheck is better). However, my own pay stub is perfectly executed so I owe nothing and get nothing during tax time. You can do this but if you can't control your monthly expenses, do 0 exemptions so have something coming back!

[badazzm]

BTW - Good luck on the car