Tax Refund & Michigan Stuff

Submitted by chrs5mr on

Its a slow Thurs night...I got my tax refund and used/going to use the money toward Michigan stuff:

1. Going to use the money to renew my season tickets

2. Bought a new jacket

 

What about you?  What Michigan stuff are you getting if you're getting a refund?

MGoBoard
Football
season tickets
tax refund
michigan gear

icegoalie1

February 26th, 2015 at 10:05 PM ^

I went to file mine a couple weeks ago and found the same thing. Any chance you used turbotax online? Quite obvious that they stole my info from last year from turbotax since they mimicked my 2013 return. Now I get to wait 6-9 months for the gov to figured it all out and get my return...yeah!

Joined: 03/15/2013

MGoPoints: 1226

The Trashman

February 26th, 2015 at 7:41 PM ^

Whenever you get a tax refund, it's like giving an interest free loan to the government. And frankly, if you're getting a refund it means you should probably be putting your Michigan degree to better use.

Joined: 02/25/2015

MGoPoints: 23

Kilgore Trout

February 26th, 2015 at 8:08 PM ^

That's not necessarily always true. Unless I'm not smart enough to figure it out (which is possible) I don't know how I could avoid it in my situation. I have a rental home that I'm able to depreciate each year. All of my taxes are taken out of my check from my regular job. When the depreciation hits my income, I owe less. I am not sure how I could convince my employer to take less out of my checks.

Joined: 02/20/2009

MGoPoints: 13178

Gobgoblue

February 26th, 2015 at 8:52 PM ^

on hourly wage while full time at UM, I'll probably spend ALL 300 bucks I get back on, uh, one textbook or something.

Although, I do like the beer idea, too . . .  Hmm . . .

Joined: 07/07/2012

MGoPoints: 21084

Zone Left

February 26th, 2015 at 8:52 PM ^

I claim a boatload of withholdings on my W-4. Always owe a couple hundreds dollars. They say perfect tax planning is owing $0. I disagree. Taxes are my annual payment for civilization and I'm fine paying them, but I'm not loaning anyone, government or otherwise money at 0%. If you really want a big lump sum in April that's risk-free, invest some amount in 1-year, some in 6-month, and some in 3-month T-Bills directly, not through a fund. You'll have more at the end.

Joined: 07/03/2008

MGoPoints: 16428

JamieH

February 27th, 2015 at 4:52 AM ^

Perfect tax planning is oweing the exact amount you can owe without paying a penalty.  So that would be withholding something like 90% of your total tax.  Or maybe 91%.  Sure, that means you have to pay a big lump sum on tax day, but if you are doing enough planning to know that you are withholding 91% or so, then you know that lump payment is coming too.

Joined: 09/05/2009

MGoPoints: 28331

LeBron James

February 26th, 2015 at 9:37 PM ^

WORD

If this is going to be your first king size bed, you will never want to go back. I used a full (or double, as some call it), which is smaller than a queen but larger than a twin, for years until 2012 when the wife and I got the king. The difference is amazing. You have so much more room to stretch your legs. I love it.

Joined: 02/05/2015

MGoPoints: -9542

BlueMan80

February 26th, 2015 at 9:11 PM ^

Of a family vacation to celebrate my daughter's graduation from Michigan last May. I'd love get a very small refund, but when your income varies year to year, you set things up to work as best as you can. I wrote a big check to Uncle Sam 5 years ago and really didn't like that.

Joined: 01/21/2011

MGoPoints: 13097

bronxblue

February 26th, 2015 at 9:29 PM ^

This year, the refund basically goes to living expenses as the wife finishes up her Ph.D. and we REALLY start paying for child care.  But then again, two years ago I had to spend weeks fighting with the IRS over $2,200 deducation for student loans, so even a small return feels like a win.

Joined: 11/22/2008

MGoPoints: 171818

LeBron James

February 26th, 2015 at 9:41 PM ^

Kills me. Two years ago, we got $1500 total from state and federal. Last year, that amount dropped by a dime, which confused me, but I was still happy because we still got a return. Now I owe about $400some. WHAT THE FUCK IS HAPPENING?! Besides the obvious Obamacare nonsense...

I have been claiming zero and the wife has been claiming one and we still owe these assholes. I told her, as soon as I saw that we owe, to change the claim to zero, so hopefully next year we will get a refund.

Joined: 02/05/2015

MGoPoints: -9542

gopoohgo

February 26th, 2015 at 10:42 PM ^

Wait until your combined gross straddles tax brackets...with AMT.

Good times.  We prepay a chunk, deduct extra per paycheck in addition to claiming one allowance each...and still typically owe 4 figures.

The first year of my wife's new job (40% pay raise), we wrote a 5 figure check...with an underpayment penalty to boot.

Joined: 09/12/2011

MGoPoints: 10661

Ray

February 26th, 2015 at 10:56 PM ^

When I lived in Switzerland I saw some guy, on a fall Saturday afternoon, leaving the Aldi in Wadenswil wearing one. Tried to give him a "Go Blue" from the car but don't think he heard me. (Apropo of nothing I guess, a few weeks +/- that time, I was walking near my home in Horgen wearing a Michigan sweatshirt when a car went by and a shrill woman's voice (in English) rang out: "oh, not here, too!" Had to have been a Buckeye). Anyway, get the coat, because it is cool.

Joined: 07/05/2008

MGoPoints: 7044

The Trashman

February 27th, 2015 at 9:52 AM ^

I had to come out of pocket something like $2000 last year, and I'm trying very hard to avoid a repeat of that again. Luckily I think my deductions should have it about even.

Joined: 02/25/2015

MGoPoints: 23