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Tax windfall proceeds

3K views 29 replies 26 participants last post by  douglas2cats 
#1 · (Edited by Moderator)
Has anyone thought how they are going to spend their tax windfall? Or are you going to do the responsible thing and pay down your credit card(s)?

Hmmm… $600 might get me a nice drill press. Or a ton of clamps. Or maybe some panels to build a garage workshop.
 
#7 ·
Pay off of debt and investing. Pretty much what I'm supposed to do. However, my wife (the financial one in the family) has promised me that we can buy a new TV or table saw when we get the last car paid off (by the end of the year). The only catch is I have to choose one and we also have to save up enough to pay cash for it.
 
#9 ·
I DON'T WANT THE CHECK!!!!!!!!!!!

I pay my mortgage, I don't have balances on my credit cards, my vehicles are 10 years old and paid for, I have a good 401K, savings account and am saving my money for my kids education.

TAKE MY CHECK AND APPLY IT TO THE NATIONAL DEBT SO ALL OUR CHILDREN CAN HAVE A FUTURE IN THE US!!!!

I'll get off my soapbox now. : )

Jeff
 
#11 ·
Cant go to Walmart… too much cash to the Chinese there.
No computers.. money goes overseas too.
No toys for the kids.. money goes to foreigners too…
Beer is made in the US.. but I don't drink.

Guess I will put it away so it can earn some interest. This government is so foolish. This effort is more like trying to buy votes than stimulate an economy. I won't be fooled.
 
#12 ·
Good on you, Jeff. Nice to know I'm not the only one out there who feels the same way…

It is hardly "free" money - it is going to cost us a whole lot more in the long run, to be sure.

Mott, Lie-Nielsen is an American company and they make some pretty good things, I hear. ;)
 
#22 · (Edited by Moderator)
DannyBoy You don't have to claim the check on your 2008 taxes. A little more money in your pocket.

From the IRS Website…..
Q. Is my Stimulus Payment taxable?

A. No. You will not owe tax on your payment when you file your 2008 federal income tax return. But you should keep a copy of the IRS letter you receive later this year listing the amount of your payment.

http://www.irs.gov/newsroom/article/0,,id=179181,00.html
(the question is near the bottom of the web page.)
 
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