Tax Refund = Rolex purchase?

[gatorsactions]

sounds like a great idea, however I think the wife will have other plans.

[Prince]

Tax Refund...

[Baptistman]

Originally Posted by atldavek

What tax refund!

x2

[vman]

Tax refund? I am always either even or I have to pay some money back. I just don't want to give out a 0% APR loan to Bushy for another war. If I end up getting a refund, then it is going to be spent on travel.

[dr_oldschool]

http://money.cnn.com/2008/02/08/pf/t...ex.htm?cnn=yes

quote:Do I have to pay the rebate back?

No. And here's why.

Your rebate is a one-time tax cut - an advance on a credit you'll receive on your 2008 return.

It's based on your 2007 income initially. If it turns out that your 2008 income and number of children would have qualified you for a larger rebate than the one you received, you'll be sent the difference. If it turns out your 2008 income was lower than in 2007 and you should have gotten a lower rebate, you get to keep the difference.

"If you were supposed to receive a larger payment than you did, you will get the extra money," said Treasury spokesman Andrew DeSouza. "If you received more than what you should have gotten, you will not be penalized."

[DoxaDavid]

Originally Posted by atldavek

What tax refund!

I was thinking the same thing!

[Scooby]

Any refund I get goes to the cruise fund to pay off our Panama Canal cruise this summer.

As for the "rebate", I don't qualify. Guess I shouldn't work and pay taxes. Then I'd get my rebate (only a government could come up with that logic).

[Ralerin]

Funny this thread came up. The refund=New Rolex is what motivated me to do the taxes yesterday with TurboTax.

The refund started out nicely as I entered the information from the first W-2. Then it dropped by half after entering the 2nd W-2. By the 3rd W-2 I was in the hole.

With all the deductions entered the refund came out to exactly ZERO. Atleast I don't owe anything.

[MasterChief]

Tax refund, wifey will grab that and save if for the house budget. No chance of using any or all of it towards another rollie.

There's still hope for a second purchase.
Bill

[krattzz]

4k coming in but wife already has a list. Carpets, tax bill that just arrived, maybe a few shares of PRU, my fav stock pic right now, then a nice 18 oz fillet mignon.

[thunderyacht]

Originally Posted by tandrup

While I was posting a comment in another thread about buying my next Rolex I was installing Turbo Tax and getting ready for the tax-season here in the US. That made me think about this question, that I'd be really interested in hearing people's thoughts on:

"How many of you have already mentally allocated your potential Tax refund to purchasing your next Rolex?"

Let me hear what you think.

My question would be "why are you lending that much money to Uncle Sam for an entire year?" If you are getting enough money back to buy a Rolex you need a tax advisor or at least re-think your tax strategy. That said, if I had a windfall like that I'd sure like to add to my Rolex collection; I only have one so far. Hey, you gotta learn how to crawl before you can run

[Terry Newton]

My wife owns a retail gift shop that I bought for her. I run a company where the salary I make puts about $15,000 per year in my IRA and we live comfortably on the rest. I also put about $2,000 in an IRA for her as well. We will get $4,900 back this year and I am looking at getting another Rolex. I love the YM but also like a White face Explorer II. I am really considering the Rollie.

Life's too short.

Terry Newton

[cocopeep]

My tax refund will pay for my heating bill, and the gas I spend each week so I can take the trip to the AD to dream about what watch I would purchase next

[GoldenBear]

Some people over pay their taxes and hope to get a refund as that is the only way they can save, or don't care. At the end of the day, it isn't that big of a deal to me. I get a big refund, but it isn't that big of a deal that I get $75-100K back. I am glad to "loan" Uncle Sam that money. Go USA!!!

[krattzz]

Yea, I don't really care that I bring home 1.7 mil a year and have to give 40% of it to uncle sam....not.

[newrolexman]

How about this one..


When doing Turbo Tax and answering questions about additional purchases to add to the sales tax deduction you can add the tax paid on the rolly purchases!! And this will get you money back.

Unfortunately, I didnt pay state sales tax on my purchases,, OH WELL


d

[atldavek]

You people getting these 2-4k refunds are crazy. Will you loan me 2k 0% for a year??? And at the same time uncle same will loan you money 0% also!

[GoldenBear]

I listen to my CPA. He always gets me a huge check back. It's nice to know what the number is and good to blow it on something fun. Going to the Four Seasons Wailea for 3 weeks on this one. I'm sure there will be some left over, unless we get to the Rolex shops at Wailea.

[joieboie]

That's my Maui trip and Disneyland for my family

[clbcpa]

I Have Been Busy Filing Retruns All Weekend So I Had Not Seen This Post. From A Cpa's Perspective, The Tax Rebate Is An Economic Stimulus Package Designed To Help Slow A Us Recession In 08. It Is An Advance Check Based On 07 Info. In Otehr Words, If You Dont File An 07 Return By 4/15 You Wont See It In The Summer. If You File By 10/15 Ext Date, You Probably Wont See It In 07 At All. Rebate Will Appear On The 08 Tax Forms As An Advance If You Received It. It May Be Adjusted If Your Dependents Or Filing Status Changed In 08 From 07 (ie If You Got Married, Divorced Or Had Kids) Because It Is An Advance On 08 Paid In 07. This Is Exactly The Same Program Used Previously.

[Whiskey]

Unless you're at the two most extreme ends of the tax-bracket spectrum, there's no way a tax-refund could get you a nice Rolex.

If you're on the high end (I'm talking 7 digit figures a year here) and you can file some capital loses against any gains in 2007, you could land yourself a nice Rolex, but then again, anyone making these kinds of dollars wouldn't need to wait for a tax-refund in order to purchase a Rolex watch.

Myself, I was once at the very low end of the tax-bracket when I was a university student. I had a string of really good paying summer-student jobs during the off season where I made close to $10,000 each of 4 years before tax to pay for tuition. Come tax-refund time, I'd get back something like $2500. That still wasn't good enough for a Rolex and I'd assume that someone in my similar position would have had something more important to spend it on than a watch.

[TAT2]

that is what i thought tax refunds were for??? HAHAHA!!!