How are you going to spend your tax rebate money?

[Larry Browning]

George wants us to spend our tax rebate check on consumer goods rather than putting it in a savings account or even paying down debt. So I'm thinking NEW TOOLS!!!!!! My wife wants some of it though :mad:. "We" have decided to get matching office chairs with some of it, so that is going to chew up about $500 of it, then she gets $500 and I get $500. I was thinking I might get one of those hanging Jet air cleaners that amazon has on for around $200 after rebate or maybe 2 of them. My shop is 30X42 with the main room being 30X30 with a 9ft ceiling. I was thinking that one might not be enough for that large of an area and I should have enough tax money for 2. But if I only got one I could get something else that might be a little sexier.

Do you have any plans for your tax rebate?

[Jim O'Dell]

Well, we have a leaking air handler up in the attic that is rusted out on the bottom and splashing condensation water beyond the emergency pan, thus getting the ceiling and all it's contents wet. :mad: So all of our rebate will go to that (and then some). Maybe cooling the house will be less expensive this summer. :p Jim.

[Jim Becker]

What tax rebate check? LOL

[Bruce Page]

Ours is going to go to our local Roadrunner food bank for the homeless, charity.

[Dennis Peacock]

Fixing momma's car that was damaged by me hitting a deer on the way home Wednesday night. :eek: :mad:

[Larry Browning]

Fixing momma's car that was damaged by me hitting a deer on the way home Wednesday night. :eek: :mad:

Dennis,
This has happened to me 3 times! The last time, a car in front of me on the interstate hit the deer sending it straight up into the dark night air. I thought to myself, poor guy, hope it didn't do too much damage to his car or its occupants. Then out of the night sky it seemed to be raining deer!!! as it came down right in front of me! I slammed on the brakes , but it was too late and wham deer parts go everywhere. Luckily my wifes new mini-van was still drivable, and we weren't hurt, but there was about $4000 worth of damage to the vehicle. I guess that's the price we pay for living in deer country.

[Ken Fitzgerald]

The LOML has been making serious hints of me buying the jointer I want. I think it's time for a little Grizzley green to added to the orange, yellow and grey in the shop.

[Tom Veatch]

...
Do you have any plans for your tax rebate?

Mutual funds.

[Joe Pelonio]

My wife has suggested a new dishwasher, one with the stainless steel insides and quiet. I'll probably go along with that.

[Scott Donley]

You must have EARNED income, SS, or DAV benefits. Alas, I have none of the above, pensions do not count as interest income is also not considered EARNED. I will be paying not getting. I could say more but..............:mad:

[Doug Shepard]

A chunk of mine is subsidizing a milling machine payment in Ron Brese' shop.:D

[Bruce Page]

A chunk of mine is subsidizing a milling machine payment in Ron Brese' shop.:D

Money well spent. The only thing better would be if it were in your shop!

[Rod Sheridan]

My tax refund is the result of stashing cash into my RRSP to generate a tax credit.

Then I take the resulting refund and buy a new toy, this year a Hammer A3 31.

I don't know why I'm always so happy with a tax refund, it's the government giving me my own money back, not like I won the lottery or anything.

I guess however I can't complain, I want the social services so I have to pay for them.....Rod.

[David G Baker]

I had to pay Uncle Sam just under $4000 for income taxes so I couldn't get the Nikon D80 that I have been holding out for but I should be getting the $600 stimulus bucks so I think I will help out B&H Photo do a little stimulating. The $600 will make a good down payment.

[Rod Sheridan]

I had to pay Uncle Sam just under $4000 for income taxes so I couldn't get the Nikon D80 that I have been holding out for but I should be getting the $600 stimulus bucks so I think I will help out B&H Photo do a little stimulating. The $600 will make a good down payment.


Hi David, please enlighten me, what are the "$600 stimulus bucks" you mentioned?

Thanks, Rod.

[Matt Meiser]

We are probably buying a new Energy Star fridge to replace our almost 20 year old fridge. Hopefully that will save us a few $$ each month. Either that or it is going towards buying insulation for the attic to bring it up from early 1990's standards to 2008 standards. My bonus will probably pay for the other. Both are most likely coming from local small businesses to keep as much of the money in Michigan and/or northwest Ohio as possible.

Without getting political, does anyone else think its stupid that on April 15, I need to send them $500 for what I owe, but then not even 4 weeks later they are going to send me $1500? It would have made a lot of sense to allow you to pay any taxes due out of the refund.

[Matt Meiser]

Hi David, please enlighten me, what are the "$600 stimulus bucks" you mentioned?

You aren't from around here, are you. :D

Seriously, haven't he Canadians been making fun of us for this? We are getting a tax "rebate" of $600 per adult and $300 per child. Subject to a variety of rules of course that keep some people from getting them.

[Stephen Beckham]

We're doing a combination of Matt and Joe bought - oh, and we already have it... So we're skewing the bean-counter's numbers on how much goes back in to the market after checks are sent. We did 12 months same as cash that we'll pay off after check arrives... Apparently they aren't going to count the money's spent paying off credit as investing in the market... :D

Whether we get much or not we had to have a new dishwasher and a new Fridge...

I noticed that our water usage dropped by over 1200 gallons last month (after the new dishwasher was installed). I can't believe it was all from that, but there hasn't be much changed around the house for water otherwise... The old one was horrible - it appeared to be overfilling - slightly draining - then refilling during both cycles...

[Joe Pelonio]

I noticed that our water usage dropped by over 1200 gallons last month (after the new dishwasher was installed). I can't believe it was all from that, but there hasn't be much changed around the house for water otherwise... The old one was horrible - it appeared to be overfilling - slightly draining - then refilling during both cycles...

Ours went down greatly when our son (25 minute showers) moved out!:D

[David G Baker]

Rod,
The economical stimulus package money that Bush has been promising all of the tax payers. Some get $300, others get $600 based on the individuals annual income. I don't know all of the details but the story has been on the news quiet a bit for the past month or so. I thought this thread was about the money but it was being called a rebate. I received a couple things about it in the mail. The checks are supposed to start showing up in May but you do have to file your income tax forms in order to get the money, even if you do not have to pay taxes.

[Rich Engelhardt]

Hello,
Exxon got most of ours...:rolleyes:

[Larry Browning]

Hi David, please enlighten me, what are the "$600 stimulus bucks" you mentioned?

Thanks, Rod.
This thread is about how we are going to spend the tax rebate check that most of us will be getting in May. Most tax payers, will get $600 if filing separately and $1200 if filing jointly. Plus $300 for each dependent claimed.
For me that means $1500. What rock have you been under, that you don't know about this?

Oh, wait, I see that Rod is Canadian. I sometimes forget that this is an international forum. Sorry about the under the rock comment.

[Tom Veatch]

Hi David, please enlighten me, what are the "$600 stimulus bucks" you mentioned?

Thanks, Rod.

http://www.irs.gov/newsroom/article/0,,id=179181,00.html

[mark page]

I am using my $1800.00 to offset the dollar amount of a new sawstop that I am mailing to the feds & two states. What do they call this??? Economicus stimulatus?????:confused: I guess it could be worse though, at least I have some offset coming back...:)

[Larry Browning]

BTW, If you will reread my original post there was a question about whether or not to get 2 air cleaners for the size of my shop. Would anyone care to comment on that? Or maybe I should repost in the general forum.

[Tom Maple]

I was at my accountant's last week and asked him about the stimulus payment and he just smiled and said "Don't expect to get anything". It seems that working hard and being frugal has put me into a tax bracket that disqualifies me from receiving any stimulus! Being self-employed also allows me the "privilege" of paying all my own FICA taxes-no employer matching.
I'd better stop before I get too political.

[Tom Veatch]

...whether or not to get 2 air cleaners for the size of my shop....

30x30x9 = 8100 cu.ft.

My shop is 32x24x10 = 7680 cu.ft.

I have two Jet ASF-1000 air cleaners. I don't think one would be sufficient for me.

[Fred Voorhees]

I don't know yet, but I am planning on having some fun thinking of ways to split my half of the $1,200 bucks.:D

[Mike Henderson]

I was at my accountant's last week and asked him about the stimulus payment and he just smiled and said "Don't expect to get anything". It seems that working hard and being frugal has put me into a tax bracket that disqualifies me from receiving any stimulus! Being self-employed also allows me the "privilege" of paying all my own FICA taxes-no employer matching.
I'd better stop before I get too political.
I would never complain about making too much money. It'd be nice to have that problem.

Mike

[Jim Becker]

Tom, it works out that way sometimes. I'm taking a big tax hit due to my company going private...all the stock I purchased over the years via the ESPP was automagically sold and the capital gains are what they are. I can either complain about the taxes or enjoy the fact that our addition is getting paid for with no increase in debt. I've chosen to embrace the latter...

[Art Mulder]

Seriously, haven't he Canadians been making fun of us for this? .

Of course they are (http://www.cbc.ca/news/reportsfromabroad/macdonald/20080325.html). (warning, Link goes to a commentator on the CBC website writing a tongue-in-cheek article poking fun by encouraging Americans to spend irresponsibly since it helps everyone else' economy so much. So it is kind of political :rolleyes: )

But then, our tax system is quite screwed up also, and our government also gives out weird grants and non-refundable credits and so on at various times that have people scratching their heads.

For instance, I understand that in the States a husband/wife can file jointly, but we still have to go through handstands and headaches with filing separate returns and making sure that we declare what is hers on her form and what is mine on my form... never mind that my wife and I have shared everything since we said "I do" almost 17 years ago... But hopefully that will change soon.


I'm taking a big tax hit due to my company going private.. . capital gains are what they are. I can either complain about the taxes or enjoy the fact that our addition is getting paid for with no increase in debt. I've chosen to embrace the latter...

Hmm, condolences on getting your investment liquidated against your will.
And, congratulations on getting your addition built without more debt.
(or: Shame on you for not going further into debt, to stimulate the economy! :p)

...art

ps: I have no idea what I'm doing with the tax refund. Just dropped off the half-inch-thick pile of papers at the accountant on Thursday. So we're going to see what the refund will even be first. Usually we give some to charity, and apply a big chunk to the mortgage, unless we have some other big expense that we've agreed upon.

[Rich Konopka]

Tom, it works out that way sometimes. I'm taking a big tax hit due to my company going private...all the stock I purchased over the years via the ESPP was automagically sold and the capital gains are what they are. I can either complain about the taxes or enjoy the fact that our addition is getting paid for with no increase in debt. I've chosen to embrace the latter...

Ouch !!!! :eek::(:mad: at least it was not a loss.

[Kevin French]

Just the way that PITA POTUS wanted me too.

Sony 40" LCD HD TV
27" CRT HD TV
DVD Blue Ray Player
Sub Wooooof'a

OK it paid for a 1/3 of it, but there's 24 months interest free on the rest.

[Tyler Howell]

Not going to get one:(

[Jeffrey Makiel]

A timely root canal just popped up. $2,000 with crown.
-Jeff :)

[Brian Elfert]

My $600 is going towards flooring in the bus I am converting to an RV. The other $200 or so left will go towards other parts for my bus conversion.

I sold all my big iron as I didn't have a good place to store it while my basement was converted to a family room so I can sell the house. All I have left is a cheap Craftsman table saw I bought to work on my bus and a CMS along with my cordless tools. I wish I was using my money to buy some new big iron, but my house doesn't go on the market until Tuesday or Wednesday this week.

My understanding is the rebates are being accounted for by reducing the federal tax rate for the lowest bracket. We'll all likely need to report the rebate on our 2008 taxes, but the reduced tax rate will cover the rebate. If they really are reducing the lowest tax rate, it seems that everyone making over $75,000 or $150,000 will still get the rebate at tax time next year.

[Curt Fuller]

I've seen this floating around the internet..............

As you may have heard the Bush Administration said each and every one of us would now get a nice rebate. If we spend that money at
Wal-Mart, all the money will go to China. If we spend it on gasoline
it will all go to the Arabs, if we purchase a computer it will all go
to India, if we purchase fruit and vegetables it will all go to
Mexico, Honduras, and Guatamala, if we purchase a good car it will
all go to Japan, if we purchase useless crap it will all go to Taiwan
and none of it will help the American economy.

We need to keep that money here in America, so the only way to keep
that money here at home is to buy prostitutes and beer, since those
are the only businesses still in the US.

[Nathan Camp]

We need to keep that money here in America, so the only way to keep
that money here at home is to buy prostitutes and beer, since those
are the only businesses still in the US.

Well shoot. I spent mine on a Carvewright.

nathan

[Larry Browning]

If we spend that money at
Wal-Mart, all the money will go to China.

Last I heard Wal-Mart was an American company.

[Cliff Rohrabacher]

What tax rebate money?

[Matt Meiser]

If, like me, you were expecting to receive a rebate direct deposited this week, you might not be happy if a) you owed tax and had it Direct Debited and b) used Turbo Tax.

It turns out that despite Turbo Tax asking for information on where you wanted your Direct Deposit of your rebate and telling you that you would receive the rebate through direct deposit they didn't properly send the information to the IRS and you will receive a paper check. Turbo Tax is telling people that this is the IRS's fault, the IRS says that some tax prep software will allow it and some won't. Regardless, it can't be fixed at this point, which means it may be another 6 weeks. :mad:

Update: You are entitled to a refund of the purchase price of the Turbo Tax if the software did not correctly process your information. 1-800-268-9062.

[Bruce Page]

If, like me, you were expecting to receive a rebate direct deposited this week, you might not be happy if a) you owed tax and had it Direct Debited and b) used Turbo Tax.

It turns out that despite Turbo Tax asking for information on where you wanted your Direct Deposit of your rebate and telling you that you would receive the rebate through direct deposit they didn't properly send the information to the IRS and you will receive a paper check. Turbo Tax is telling people that this is the IRS's fault, the IRS says that some tax prep software will allow it and some won't. Regardless, it can't be fixed at this point, which means it may be another 6 weeks. :mad:
That's strange. I use Turbo Tax and the GOV direct deposited into our account last Wednesday, no problem.

[Matt Meiser]

Bruce, did you owe tax and pay it with direct debit? The answer to both has to be yes to trigger the problem.

[Bruce Page]

Bruce, did you owe tax and pay it with direct debit? The answer to both has to be yes to trigger the problem.
Oh.... :rolleyes:
No, we got a refund.
I hope you don't have to wait another 6 weeks, that would suck.

[Tim Morton]

Mine is going to cover a small portion of the cost of my daughters wedding.

[Larry Browning]

I just got mine today. Wa! Hoo!
1) 2 new Office chairs
2) A Garmin nuvi 660 or 760 (can't decide which one)
3) 2 Jet air cleaners for the shop!!!! (pictures will be coming!!!!)

[Steven Beam]

I dont get one. Because i stimulated the economy by "working" too much (taxes ouch $$,$$$). It seems that i subsidized the checks everyone is getting in my community

[Jim Mattheiss]

I have a Grizzly G0505 Planer on the truck, arriving on Monday.

I'm thinking about an 80GB I-Pod Classic to round out to the $600.

We just finished a remodel of the LR/DR Hallway and just getting the garage back.

Jim

[Butch Edwards]

new storage shed to put the lumber/mowers/other stuff into...the wife wants the garage to park her car in again....I need the building, more than want it...just adds to the upkeep factor :p