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Thread: Tax Return!

  1. #1
    Senior Member callmeclemens's Avatar
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    Tax Return!

    It's that wonderful time of year again. If you're lucky Uncle Sams giving you back some of those hard earned dollars, the only time of year where I really get the option to spend freely and I'm getting myself http://bikesdirect.com/products/mercier/kilott_wt.htm
    as well as lots of other stuff, new riding clothes computer and paying or donating towards all my summer ride.

    Anybody else getting anything good?

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    Replaced the stolen LHT on Sunday. Will be replacing my Beckman rack that was stolen along with it. Buying the GF a LHT for her birthday. We will now have two of the same bike models. Yeah. It sounds corny. But in my defense, I bought my IF before she bought hers and before we started dating.

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    I hear ya! I am excited myself, as I am picking this up on Friday, my first road bike!

    The Charcoal color

    http://www.cannondale.com/usa/usaeng...-Carbon-6-Apex

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    Senior Member Shimagnolo's Avatar
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    Yes, I get really excited this time of year about sending out two checks totaling $500-$2000.

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    Quote Originally Posted by Shimagnolo View Post
    Yes, I get really excited this time of year about sending out two checks totaling $500-$2000.
    Stop being so rich and get with us poor folk, lol

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    Downtown Spanky Brown bautieri's Avatar
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    I'll just be happy if I don't owe.

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    Senior Member Wogster's Avatar
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    Quote Originally Posted by callmeclemens View Post
    It's that wonderful time of year again. If you're lucky Uncle Sams giving you back some of those hard earned dollars, the only time of year where I really get the option to spend freely and I'm getting myself http://bikesdirect.com/products/mercier/kilott_wt.htm
    as well as lots of other stuff, new riding clothes computer and paying or donating towards all my summer ride.

    Anybody else getting anything good?
    Haven't done the taxes yet, it's going to be interesting this year, I was off for 3 months last year on medical leave from work and then unemployed for 2 months, so I have no idea what's going to happen at tax time. Do need to start looking at the files, and book the appointment with the accountant though....

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    Senior Member callmeclemens's Avatar
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    Quote Originally Posted by mdohertyjr View Post
    I hear ya! I am excited myself, as I am picking this up on Friday, my first road bike!

    The Charcoal color

    http://www.cannondale.com/usa/usaeng...-Carbon-6-Apex
    I test road that at my LBS about six month ago, its really really really nice. Have fun with that!

  9. #9
    Banned. Mr. Beanz's Avatar
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    All 7 of our bikes have been paid for by way of tax return.

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    Starting over CraigB's Avatar
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    We work very hard throughout the year to track our taxes, and adjust withholdings as needed to get a minimal refund. We'd rather put that money someplace where it can generate at least a little bit of return. I think of tax refunds as repayment of a zero-interest loan to the government, something I prefer to avoid if I can.
    Craig in Indy

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    Senior Member chandltp's Avatar
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    Quote Originally Posted by CraigB View Post
    We work very hard throughout the year to track our taxes, and adjust withholdings as needed to get a minimal refund. We'd rather put that money someplace where it can generate at least a little bit of return. I think of tax refunds as repayment of a zero-interest loan to the government, something I prefer to avoid if I can.
    +1 Although I have to admin the surprise savings plan can be fun.
    There are 10 types of people, those that understand binary and those that don't.

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    Just spent $114 of my not yet filled out tax return. Had to order some stuff from Jensonusa.com Alivio 8spd shifters for the hybrid (I am sick of grip shift), bar ends and grips for same bike, frame protecting stickers, a new shorter stem and riser bar for the mountain bike since I use it on rail trails more than off-road, and the current bar will be swapped to my SS bike. It all adds up so fast. I will have the parts and get them installed long before I can even ride I hate winter! Looks like I will get $700 back this year from fed. I would rather overpay and get money back than end up owing even $1.
    2012 Diamondback Podium 2 - Ready for spring! :D
    1995 Specialized Rockhopper Rigid - SS converted!

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    Quote Originally Posted by CraigB View Post
    We work very hard throughout the year to track our taxes, and adjust withholdings as needed to get a minimal refund. We'd rather put that money someplace where it can generate at least a little bit of return. I think of tax refunds as repayment of a zero-interest loan to the government, something I prefer to avoid if I can.
    That's the smart thing to do. I am too lazy to be smart in that way.

  14. #14
    Bulky Bullet Sayre Kulp's Avatar
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    If I can muster up the right combination of luck & smarts, I'll parley this year's tax return into SELF-employment rather than UN-employment.
    "Obstacles don't like me very much. I make them look bad."

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    Senior Member callmeclemens's Avatar
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    Quote Originally Posted by CraigB View Post
    We work very hard throughout the year to track our taxes, and adjust withholdings as needed to get a minimal refund. We'd rather put that money someplace where it can generate at least a little bit of return. I think of tax refunds as repayment of a zero-interest loan to the government, something I prefer to avoid if I can.
    I consider my self fortunate in tax returns. I work for a non profit charitableCorporation, and a portion of my check is donated monthly, and most things I do or get throughout the day are write offs, driving around, buying supplies etc. So my tax returns tend to just be money Ive spent out of pocket for work. Atleast thats my excuse.

  16. #16
    Senior Member cyclist2000's Avatar
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    I'll probably pay in, as normal. so there won't be any new bikes or cars at tax time.
    I don't do vintage, I bought them new, rode them, kept them. Now they are just old bikes
    http://www.flickr.com/photos/bustercrb/sets/72157623483647522/

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    Senior Member Seve's Avatar
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    I was thinking about getting a new set of wheels to replace the oem on my road bike.
    A kmx chain and a new cassette.

    Nothing too fancy or expensive .. Ultegra 6700 maybe.

  18. #18
    Senior Member ScottStr's Avatar
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    Quote Originally Posted by Sayre Kulp View Post
    If I can muster up the right combination of luck & smarts, I'll parley this year's tax return into SELF-employment rather than UN-employment.
    My plan exactly. I'm using most of mine to start my new business. Most of my refund this year is actually credits. I have always tried to loan as little money to the government, interest-free as I can. I'm buying myself a couple of things not related to starting my biz: brake pads, wheel for mountain bike, etc.

  19. #19
    Senior Member CACycling's Avatar
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    Getting a pretty good refund thanks to the American Opportunity Tax Credit. Of course, not close to the $24,000 spent on college tuition last year to qualify. None of it going to bike stuff though.

    Need to spruce up my wife's old car to get it ready for older son to take to college next year (some mechanical work and much-needed paint job) as well as pay for the work we had to do to my van a while back.

    We'll get even more back next year if the tax credit still exists as we'll have both sons in college. Not enough to make a dent in the $48,000 combined tuition cost so doubt there will be much in the way of bike stuff then either. Glad I got myself pretty well set before the start of their college.

  20. #20
    Senior Member skilsaw's Avatar
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    I received a whopping big cheque in 2010 for tax year 2009 . Bought a bike that I have lusted over for several years.
    Then I was audited and they asked for 3/4 of the money back!

    Now I'm in a hole... but a happy hole with a new bike.
    The one who has the most bikes wins.

  21. #21
    Senior Member Crazydad's Avatar
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    Like CraigB we try to not overpay during the year, but due to the severance package my wife got in January 2010 we are getting a pretty good return. I am using it to finally get a road bike. I don't know exactly what yet, but a friend who owns a shop found a really good Cannondale frame and fork for cheap and is building it up for me.
    James


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  22. #22
    Double Naught Spy TrekDen's Avatar
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    I've been eyeing these up online for a while. Once the refund arrives, it'll be shopping time at the LBS.


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