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Posted by Shook1 on Jan-31-2004 04:18:

Tax Return Ideas??????

So guys, I've just finished my taxes and I'm getting about 2 G's back! What to do, what to do ........ any ideas?

Posted by {b.s.e.} on Jan-31-2004 04:38:

T12s.

Posted by BobbyV on Jan-31-2004 07:33:

Re: Tax Return Ideas??????

quote:
Originally posted by Shook1
So guys, I've just finished my taxes and I'm getting about 2 G's back! What to do, what to do ........ any ideas?

You made out really well. im getting 1000 back, i made 23k last year and i claim myself and im not married, do you think i should have gotten more back?

BTW, save your money for awile.

Posted by PhloTron on Jan-31-2004 08:06:

it's all about deductions...one of the biggest deductions you can have is on mortgage interest (owning a home)...that's one of the reasons that owning is far superior to paying rent. Rent money just disappears, while mortgage payments go toward A: equity, and B: tax deductable interest...enough to by itself exceed the standard deduction. (i.e. I itemized everything and anything I could think of)

Last year, I made the same money as another pilot. I own, he rents. He got $15 back from taxes, I got $1700.

I should do about just as well this year as well...although I may have gone up a tax bracket...hmmm.

hehe not to mention I'll be getting profit sharing this year too...oh the toys I could get...mmmm...or I could just cap off my IRA...

Posted by Shook1 on Jan-31-2004 08:51:

quote:
Originally posted by {b.s.e.}
T12s.

I already have Tech1200's

Yeah, I still go to school and work full time so I get deductions on tuition, books, etc.... and plus I'm paying back school loans from earlier and get deductions on the loan interest, etc.

I dunno what I wanna do w/ it ....saving sounds nice, but ???????

Posted by HYPA29 on Jan-31-2004 14:07:

nice problem to have. Im facing a $3000 payment to the goverment. hate taxes, never get money back.

btw, save it and invest in the stock market. market is hot now until late fall.