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Posted: Sat Jan 19, 2008 10:06 am Subject: Income Tax Return

What will you do with your tax refund? Will you take care of a debt that has been lingering over your head? Tax time is the perfect time, this is money that you were not counting on, or maybe you were but why not take the opportunity to take care of even one smaller debt. It would be one less that you have to worry about.

I am going to make that extra mortgage payment that I have not been able to make and get myself ahead of the game, I started this last year and want to continue it for the life of my mortgage. It is going to let me get rid of my mortgage sooner.

Maybe you have a car payment that you can make the extra payment on, maybe you can pay your car insurance ahead a few months or one of your utilities. Taking the time to consider one of these options will free up some funds later. Many people take the income tax and just blow it. If you are one of these people, consider taking half of it and doing this.

Do you really need to be paying the big fee for rapid refund, these tax companies are making a mint off of this, you are essentially borrowing money that is already yours and paying a pretty hefty to use it 10 to 15 days earlier than what you would have to wait. You have been without it this long, you will save a pile of money by not choosing to get the rapid refund.

Consider a high rate CD that you can break without penalty around Christmas time or some other high spending time.

Refunds, if you get one, is only one time a year, make wise decisions and get the most out of the opportunity.

Posted: Sat Jan 19, 2008 10:28 am Subject:

Moving this post to the Tax Debt forum....

Posted: Sat Jan 19, 2008 2:41 pm Subject:

Actually you should always break even at year end. If you are due a large refund its time to restructure your W2s. The money you are refunded could have been deposited into a high yield savings acct. through out the year. Your refund was a loan you provided to the government, interest free!

april64 · Posted: Sun Jan 20, 2008 3:16 pm Subject: tax question help needed

Hi gang,
I need some advice here if possible. First question is that I owe about $1200.00 to the Federal IRS after messing up my deductions (took way too many) and this is about 3 years old. I have waited so long that now I'm afraid to call them for fear they will try to garnish wages..etc. Will they still work with me or will they try to take my next tax refund?
Second question is:My son is 20 yrs old and joined the NAVY in June of this year. Since he lived with me for 6 out of 12 months, am I still able to claim him on my taxes and file as head of household? If I can, does this mean that next year I will have to go back to filing as single?
BTW, LOVE the website, ya'll are great!!
_________________

Posted: Sun Jan 20, 2008 3:20 pm Subject:

Hi April!

I answered you here..

http://www.debtconsolidationcare.com/tax-debt/messing-deductions.html

Posted: Tue Jan 22, 2008 8:46 pm Subject:

April,

Mine was a few years old when they caught it, they sent me some paperwork out of the blue, I wrote them and set up payment arrangements, they are really reasonable to work with. goodluck hope this all works out for you.

Posted: Tue Jan 22, 2008 9:05 pm Subject:

I will be getting a refund this year Smile

But we usually have more taken out of our checks because of how our company works Mad

You never know when your gonna get laid off for a couple weeks sometimes months. So this covers the taxes on the unemployment. Last year we had to pay in because of unemployment and because we took out of our profit sharing. So we like it when we get a refund.

We will be getting a new dryer (ok keeping my fingers crossed for that one) but hubby needs new tires for his truck, then we are going to take care of some bills that have been waiting for a bit to get paid.

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