Tax refund car buying..

[tenderloin]

Originally Posted by jeepman3071
Originally Posted by Chris142
You wont find cars in that price range around here.



+1

Also those who depend on tax refunds for purchases are not very good with money/budgeting.


Many are sub $15,000 a year employees with children...They can get upwards of $8,000 back in earned income tax credit. They look forward to this every year as you can imagine. Larger purchases/repairs are done..along with tossing some away to be sure.

 

[Skippy722]

Originally Posted by Jimzz
Will see more disappointed people this year though. New tax law and many middle/lower class that are use to a $XXXX refund will get 3 digit or maybe owe.

Me and the SO did the calculation last year and changed our W4 to match the new law. Most did not so they will be surprised, not a good surprise.


I still managed a 4 digit refund even after cranking my deductions from 0 single to married 7.

I have seen a lot of upset people at work though complaining about a smaller refund... I like to point out that while their refund is smaller, their weekly paycheck got bigger and not looking at the refund but what you actually had to pay is less 99% of the time for these people. That usually is enough for them to go "oh thanks skippy, I didn't think of it like that! I guess this is better!"

 

[supton]

Ditto, still 4 digits with deduction of 7. I guess I have to crank up to 8 or 9, which feels weird, there's only four of us in the house.

Sometimes people just have to be prodded to think about it, or to think about it from a direction that they didn't think of.

 

[zorobabel]

Originally Posted by KrisZ
Originally Posted by Chris142
You wont find cars in that price range around here.


For sure but good deals can still be negotiated and you don't need to worry about rust, which is a huge plus, so higher prices are to be expected.

At the end of 2018 I aquiried an 07 Ford Focus with a broken clutch. Single owner and in good shape otherwise. They were asking $2k for it. I got it for $750 and fixed it up for about $70 worth of parts. I drive it currently, but with the tax refund time I'm planning on putting it up for sale.

Most cars under 2k are junk around here, and even then you have to really stay on top of things so curbside dealers don't get the car first and then post it back for 3.5K. It has taken me about 6 months to buy a car of CL, and even then, they were bought as I had enough of searching.

 

[Alfred_B]

Originally Posted by jeepman3071
Originally Posted by Chris142
You wont find cars in that price range around here.



+1

Also those who depend on tax refunds for purchases are not very good with money/budgeting.


Didn't take too long for the self righteous to pop in.

 

[Alfred_B]

Originally Posted by Jimzz
Will see more disappointed people this year though. New tax law and many middle/lower class that are use to a $XXXX refund will get 3 digit or maybe owe.

Me and the SO did the calculation last year and changed our W4 to match the new law. Most did not so they will be surprised, not a good surprise.


The withholding amounts were changed to increase the take home amount to pretend people got a tax cut. Now it's time to pay back.

 

[Skippy722]

Originally Posted by Alfred_B
Originally Posted by Jimzz
Will see more disappointed people this year though. New tax law and many middle/lower class that are use to a $XXXX refund will get 3 digit or maybe owe.

Me and the SO did the calculation last year and changed our W4 to match the new law. Most did not so they will be surprised, not a good surprise.


The withholding amounts were changed to increase the take home amount to pretend people got a tax cut. Now it's time to pay back.


Everyone I have talked to got a tax cut in addition to their bigger weekly checks, cut my taxes about 50% compared to last year

 

[krismoriah72]

Got the 2004 Pilot to the house..will post pics shortly..along with details.

 

[dogememe]

I'm buying a Crown Vic tomorrow with my tax refund money

 

[wander2039]

Oh yeah it is about that time to start seeing new vehicles again. They'll be gone in a couple months. Every year same thing!

 

[ozric]

Originally Posted by Skippy722
Originally Posted by Alfred_B
Originally Posted by Jimzz
Will see more disappointed people this year though. New tax law and many middle/lower class that are use to a $XXXX refund will get 3 digit or maybe owe.

Me and the SO did the calculation last year and changed our W4 to match the new law. Most did not so they will be surprised, not a good surprise.


The withholding amounts were changed to increase the take home amount to pretend people got a tax cut. Now it's time to pay back.


Everyone I have talked to got a tax cut in addition to their bigger weekly checks, cut my taxes about 50% compared to last year

Exactly. The withholding changes gave me more money in my paychecks AND I paid almost $1500 less in taxes this year. Of course my refund was lower since I received more in my paychecks. And I am most certainly not rich.

These people who claim they are getting shafted because their refund is smaller .... I don't know what to say. Refunds aren't relevant when determining if you got a tax cut. Compare the tax amount you paid this year to last, that's the only way you will know.

 

[Silverado12]

Originally Posted by Miller88
How does one get a tax refund? I haven't had one in years!

I would do single-0 and withhold an extra 20 bucks a paycheck. My brother is an accountant and yelled at me for doing that, but I like to get decent refund checks. I would tell him I was doing a service to my country by letting them hold my money for free lol.

 

[Alfred_B]

Originally Posted by Silverado12
Originally Posted by Miller88
How does one get a tax refund? I haven't had one in years!

I would do single-0 and withhold an extra 20 bucks a paycheck. My brother is an accountant and yelled at me for doing that, but I like to get decent refund checks. I would tell him I was doing a service to my country by letting them hold my money for free lol.

Yeah, the accountants are like "you could have kept that money, exercised discipline and saved it in order to have earned 25 cents in compunded interest".