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thorin
Member

Registered: Jul 2000
Location: Vancouver, BC, Canada
Posts: 415

neeahner neeaner neeaner!

woohoo! thanks to my good friend mr tax refund, i have now paid off all my debts, loans, rent and visa with 100$ to spare! and i get paid on friday! of course, working part time(in a student) brings me a rather small paycheque(prolly only another 160$ or so)

nevertheless, I owe nothing to nobody!

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04-10-2002 07:41 AM

ashmed
Member

Registered: Mar 2001
Location: San Diego, California
Posts: 441

Good to hear!

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04-10-2002 05:42 PM

Yorick
Member

Registered: Mar 2001
Location: Out of my skull, back in five minutes
Posts: 1435

Where you are now is where I was 18 months ago, after finally getting stock money from a past employer. I even had enough left over to live on for a while so I went back to school so I could get a better job. I'm now back in debt again, worse than before, and doing the same type of work as before.
Moral: Keep them credit cards paid of every month and don't go back into debt.

bide a wee, how do you work *in* a student?

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04-10-2002 06:02 PM

Toby
Member

Registered: Jul 2000
Location:
Posts: 3034

quote:
Originally posted by Yorick
Where you are now is where I was 18 months ago, after finally getting stock money from a past employer. I even had enough left over to live on for a while so I went back to school so I could get a better job. I'm now back in debt again, worse than before, and doing the same type of work as before.
Moral: Keep them credit cards paid of every month and don't go back into debt. [...]

I can empathize there. My wife and I had all credit gone other than our house note and car notes in December 1999 in preparation for our little one due in April 2000 (we planned on her taking a six month sabbatical in addition to her already having the summer off). The little bugger threw us a curve though and showed up in January (3 months early for those who don't want to do the math). Needless to say, 3.5 months in NICU is not cheap and my wife actually wound up taking the rest of that school year and the whole of the next off. We wound up back on the treadmill, but with the options of a dead wife and baby or my working an extra year or two before retiring, it was a no brainer.

04-10-2002 07:24 PM

dampeoples
Member

Registered: Sep 2000
Location: Raleigh, NC
Posts: 832

I'm only 1/2 that smart, I took mine and paid off 1/2 my bills and got a new computer.

04-10-2002 07:52 PM

PDAENVY
Member

Registered: Nov 1999
Location: Ann Arbor, Michigan USA
Posts: 790

Another possibility: Adjust your tax withholding so that you don't end up with a big refund at the end, and you'll have more money in your pocket every month, so you won't rack up as much debt.

I know some people prefer the "enforced savings" aspect of getting a rebate, but really it's an intrest-free loan to the government.

04-10-2002 09:34 PM

dampeoples
Member

Registered: Sep 2000
Location: Raleigh, NC
Posts: 832

I'd love to PDA/TREOENVY, but I double my salary every year with OT, which I get taxed heavily for.

04-10-2002 09:41 PM

PDAENVY
Member

Registered: Nov 1999
Location: Ann Arbor, Michigan USA
Posts: 790

quote:
Originally posted by dampeoples
I'd love to PDA/TREOENVY, but I double my salary every year with OT, which I get taxed heavily for.

Have you talked to your HR department? You should be able to up your number of "dependants" so less tax is pulled out of your checks.

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Jeff

04-10-2002 11:26 PM

dampeoples
Member

Registered: Sep 2000
Location: Raleigh, NC
Posts: 832

I did that this year, I'm hoping it goes better for me. I got 5K this year, of my very own money back!
I had mine set a 1 last year - I've got a wife and 3 kids, wonder how that happened?

04-10-2002 11:36 PM

jhappel
Member

Registered: May 2001
Location: NY metro area
Posts: 219

dampeoples said:

quote:
I had mine set a 1 last year - I've got a wife and 3 kids

At the very least you should be claiming on your W-4 one for yourself, four (one each) for the family and (if it applies) one additional if you only have one job. Thjis totals 6 withholding exemptions.

If you are able to save money for a specific purpose and not spend any of it during the year, the best policy is to only have enough tax withheld to equal last year's total tax (not the balance due if any) and put what else would normally be withheld into an income producing account. This way you have your own money working for you during the year instead of giving the government an interest-free loan like PDAENVY said.

This is the opinion of the ex-tax manager of a CPA firm's opinion.