How Will You Spend Your Tax Refund?

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I know that we are a few weeks away from even beginning to think about taxes, but I’m already there.

My taxes are incredibly straight-forward and I usually file straight-away. I don’t own a home or business and I don’t itemize. My charitable donations each year range from $200-$500 and I don’t feel it’s worth the extra trouble.

It takes me roughly 10 minutes to complete my taxes online using the TurboTax website. I usually get a return just north of $1000.

There are innumerable ways to look at a tax return. As a windfall, a boost to short or long-term savings, an opportunity to pay for a yearly expense (such as car insurance or property taxes) or a means to pay down debt.

I will (begrudgingly) use a large chunk of my return to pay down debt. More specifically, that B of A card with the ridiculous APR. I would also like David and I to put $100 to $200 apiece into our Travel Fund.

Are you expecting money back from the government this year? If so, how do you plan on spending (or saving) the money? Do you traditionally use your tax return for something specific each year? Or do you – God forbid – usually owe?

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7 Responses to “How Will You Spend Your Tax Refund?”

  1. stacyinbean Says:

    I too will be using a bit to pay down the debtors, but I always love to buy something great with my refund. The last two years have been completely practical, a fabulous new mattress and my shiny Sony laptop. This year it’s time for something fun and I am planning on buying a great spring bag! I’d love to hear your recommendations! The site is gorgeous and VERY well done!!

  2. Amoureuse Says:

    I am buying new tires and getting my brakes fixed. The rest is going into savings. I might splurge a little and get my hair done.

  3. Sukie Says:

    I hate to say this but if you live in the state of California, you MIGHT be getting an IOU on your tax return.

    My company works with the State of California and one of their clerks may have mentioned this to our accounts manager…
    (they also aren’t paying US for work we did for them)

    I’ll see if I can find more info but this is what I heard yesterday.

    :(

  4. stacyinbean Says:

    Whoa Sukie! Can they do that?! I guess they can do whatever they want, sounds like something my state of Taxachusetts would do! At least the fed will have to give you that one!

  5. pennyplastic Says:

    Hey Sukie, yes I am aware of this, but I usually only get $100-$200 back from the state. I could care less, as long as they work their stupid budget out. I am so done with CA politicians right now…..

  6. Sukie Says:

    Penny, Okay, good. I know I hate when I think that a nice big check is coming my way and then I get $52. Thanks, Oregon. Love ya!

    Happy Shopping!

  7. pennyplastic Says:

    What are Oregon’s income taxes like? Because you don’t have sales taxes, correct?

    I also have them take the max out of my paychecks, which means I generally get more back than I would otherwise.

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