Comments on: Ten Great Things To Do With That Tax Return – And Five Things Not To Do With It http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 23:44:30 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: hank http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-100186 hank Sun, 04 Nov 2007 04:32:36 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-100186 and at the top of that list could be PAY OFF DEBT first! It's hitting harder than what you could invest in~ :) and at the top of that list could be PAY OFF DEBT first! It’s hitting harder than what you could invest in~ :)

]]> By: Minimum Wage http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20655 Minimum Wage Wed, 25 Apr 2007 13:46:19 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20655 My tax return? I always mail it in. The IRS hates it when you don't file. My tax return? I always mail it in. The IRS hates it when you don’t file.

]]> By: megath http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20530 megath Wed, 25 Apr 2007 01:49:28 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20530 One correction: your tax "return" is the form you fill out to tell the gummint how much you made and how much you owe, and you try to be as accurate as you want to be. The money you get back, perhaps as a result of some creative thinking, is your tax "refund". One correction: your tax “return” is the form you fill out to tell the gummint how much you made and how much you owe, and you try to be as accurate as you want to be. The money you get back, perhaps as a result of some creative thinking, is your tax “refund”.

]]> By: JuryDuty http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20472 JuryDuty Tue, 24 Apr 2007 20:46:35 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20472 I'm getting 529s for my kids and putting all the rest toward credit card debt. I’m getting 529s for my kids and putting all the rest toward credit card debt.

]]> By: Eric http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20468 Eric Tue, 24 Apr 2007 20:34:46 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20468 Doing something fun is fine as long as you are aware where you are spending money. If you are getting a refund, you have a tax planning problem anyway, and are loaning YOUR money to the government so they can return it to you w/o any interest paid! Suckers. Doing something fun is fine as long as you are aware where you are spending money. If you are getting a refund, you have a tax planning problem anyway, and are loaning YOUR money to the government so they can return it to you w/o any interest paid! Suckers.

]]> By: Toby http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20466 Toby Tue, 24 Apr 2007 20:28:00 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20466 I'm currently living in Europe, with no income, aside from student loans (I AM a student, and I AM getting college credit for being here. Don't worry. I'm not wasting your tax dollars). But my tax refund is giving me an extra month here. Not the smartest way to spend it, probably, but might as well use it while I'm here... I’m currently living in Europe, with no income, aside from student loans (I AM a student, and I AM getting college credit for being here. Don’t worry. I’m not wasting your tax dollars). But my tax refund is giving me an extra month here. Not the smartest way to spend it, probably, but might as well use it while I’m here…

]]> By: Justin http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20463 Justin Tue, 24 Apr 2007 20:23:28 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20463 Funny thing is that people think tax returns are some kind of second pay check for a month, when really you just didn't set up your W2 forms correctly at work. I guess you could think of it as some sort of short term savings tool, but really it's not. And it should be used to pay of credit in the respect that you paid too much for taxes in your check (see previous paragraph). Next year, maybe you'll redo your W2 and have a better budget. Funny thing is that people think tax returns are some kind of second pay check for a month, when really you just didn’t set up your W2 forms correctly at work.

I guess you could think of it as some sort of short term savings tool, but really it’s not.

And it should be used to pay of credit in the respect that you paid too much for taxes in your check (see previous paragraph). Next year, maybe you’ll redo your W2 and have a better budget.

]]> By: Paul http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20460 Paul Tue, 24 Apr 2007 20:05:18 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20460 Putting money into individual stocks is gambling which is worse than any of your 5 "don't dos". You may get lucky and make money but it is just as likely you will earn nothing. Even if you have years and years of training, your odds are slim to beat the general market. This has been shown in studies over and over and over again. You will likely learn a valuable lesson if you do buy individual stocks, I learned mine, not to do it ever again. Putting money into individual stocks is gambling which is worse than any of your 5 “don’t dos”. You may get lucky and make money but it is just as likely you will earn nothing. Even if you have years and years of training, your odds are slim to beat the general market. This has been shown in studies over and over and over again.

You will likely learn a valuable lesson if you do buy individual stocks, I learned mine, not to do it ever again.

]]> By: eR0CK http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20210 eR0CK Mon, 23 Apr 2007 19:26:17 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20210 10 Pay off your credit cards! (That's what I'm doing) 10

Pay off your credit cards! (That’s what I’m doing)

]]> By: Trent http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20148 Trent Mon, 23 Apr 2007 14:35:22 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20148 Dustin: Yes. Using unexpected money to pay off credit cards rarely solves the underlying problem. I would never use an unexpected windfall to directly pay off debt. Dustin: Yes. Using unexpected money to pay off credit cards rarely solves the underlying problem. I would never use an unexpected windfall to directly pay off debt.

]]> By: Dustin http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20147 Dustin Mon, 23 Apr 2007 14:24:35 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20147 I noticed that you didn't have "Pay off debt" as one of the 10 things to do with your refund. Is there any particular reason you chose not to suggest that? I noticed that you didn’t have “Pay off debt” as one of the 10 things to do with your refund. Is there any particular reason you chose not to suggest that?

]]> By: Ralthor http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20141 Ralthor Mon, 23 Apr 2007 13:50:48 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20141 Number 5 is a great solution for split couples with a kid. To avoid fights with my son's mom about who gets to claim him or coming up with complex math equations to figure out how we should split the claim, we decided that I will claim him (I get more money back from the tax man) and then use that money to fund a 529 for him. Seems only proper since he is the reason I am getting the money back anyways. Number 5 is a great solution for split couples with a kid. To avoid fights with my son’s mom about who gets to claim him or coming up with complex math equations to figure out how we should split the claim, we decided that I will claim him (I get more money back from the tax man) and then use that money to fund a 529 for him. Seems only proper since he is the reason I am getting the money back anyways.

]]> By: Momof 4 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20105 Momof 4 Mon, 23 Apr 2007 11:07:24 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20105 What's wrong with taking your famiy out with some of the tax money? Esp if it's the only way your parents could afford it? We are also on a very extreme( we have 4 kids and one income and it's not that great but we have good benifits). And our tax money is the only time we can take our kids out and go to a nice resturant with real tablecloths and such. We consider it a lesson on the "real" world. You know, napkin goes in your lap, what all those glasses/forks are for, NO, you may not crawl under the table to get the fork, the server will bring another, etc. As for the "frivolous" things, were you not thankful for that Nintendo? Or the new TV. Your parents had a hard burden( I know, I'm there) and it made them feel good to throw a party and buy a toally useless thing or two. We aso have been known to do silly things with the return. But, we have two months in the bank, our bils are paid, food is the fridge, clothes are out our backs, you get the point. Sometimes getting new stuff and throwing a party keeps you going as a human. Makes all that work worth it. What’s wrong with taking your famiy out with some of the tax money? Esp if it’s the only way your parents could afford it? We are also on a very extreme( we have 4 kids and one income and it’s not that great but we have good benifits). And our tax money is the only time we can take our kids out and go to a nice resturant with real tablecloths and such. We consider it a lesson on the “real” world. You know, napkin goes in your lap, what all those glasses/forks are for, NO, you may not crawl under the table to get the fork, the server will bring another, etc. As for the “frivolous” things, were you not thankful for that Nintendo? Or the new TV. Your parents had a hard burden( I know, I’m there) and it made them feel good to throw a party and buy a toally useless thing or two.
We aso have been known to do silly things with the return. But, we have two months in the bank, our bils are paid, food is the fridge, clothes are out our backs, you get the point. Sometimes getting new stuff and throwing a party keeps you going as a human. Makes all that work worth it.

]]> By: Vincent http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20077 Vincent Mon, 23 Apr 2007 05:15:36 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20077 This sounds so much like eating your vegetables vs. eating that oh-so-tempting Milky Way. I suppose most personal finance conundrums can be compared to that, though. Great ideas to think about while I await my return. This sounds so much like eating your vegetables vs. eating that oh-so-tempting Milky Way. I suppose most personal finance conundrums can be compared to that, though.

Great ideas to think about while I await my return.

]]> By: chris http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20065 chris Mon, 23 Apr 2007 03:59:23 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20065 Just starting reading your blog, love it and love your thoughts. I have done one of the things on you top 10 list of things To Do, we put our tax return in HSBC and its earning 6% till the end of April, then we will use it for our trip to Euro-land. c Just starting reading your blog, love it and love your thoughts. I have done one of the things on you top 10 list of things To Do, we put our tax return in HSBC and its earning 6% till the end of April, then we will use it for our trip to Euro-land.

c

]]> By: MoneyChangesThings http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20063 MoneyChangesThings Mon, 23 Apr 2007 03:19:01 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20063 Lots of great suggestions, especially the eco-friendly ones. But watch out for that dream deepfreeze! It is incredibly tempting to keep adding food, and requires a great deal of discipline to consume it. If you are not careful about labeling the dates and contents (which is a huge pain!) pretty soon you lose complete track of what is in the freezer. But definitely invest in some great knives. They save a lot of time in cooking and make it much more pleasant. Lots of great suggestions, especially the eco-friendly ones. But watch out for that dream deepfreeze! It is incredibly tempting to keep adding food, and requires a great deal of discipline to consume it. If you are not careful about labeling the dates and contents (which is a huge pain!) pretty soon you lose complete track of what is in the freezer. But definitely invest in some great knives. They save a lot of time in cooking and make it much more pleasant.

]]> By: Taran Jordan http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/comment-page-1/#comment-20048 Taran Jordan Sun, 22 Apr 2007 23:46:26 +0000 http://www.thesimpledollar.com/2007/04/22/ten-great-things-to-do-with-that-tax-return-and-five-things-not-to-do-with-it/#comment-20048 Your blog is excellent, Trent, and I've become a daily reader. Thank you so much for the effort you put into it day in and day out. Great stuff. Just a minor nitpick: When you say "tax return" in this post, I think you really mean "tax refund." "Return" is the 1040 form you file so that you can receive your refund. Otherwise, rock on! :-D Your blog is excellent, Trent, and I’ve become a daily reader. Thank you so much for the effort you put into it day in and day out. Great stuff.

Just a minor nitpick: When you say “tax return” in this post, I think you really mean “tax refund.” “Return” is the 1040 form you file so that you can receive your refund.

Otherwise, rock on! :-D

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