My friend decided that he would blow all of his yearly income on luxuries and what ever he wants and then use his income tax returns at the end of the year to buy his truck. I dont believe he is on solid ground with this theory. What do you think? He works a full time job making 9.25 an hour cutting grass. only claims himself as a dependent.
2007-06-20 07:08:30 · 10 answers · asked by ChrisRedfield29 1 in Business & Finance ➔ Taxes ➔ United States
Well, making $9.25 an hour he doesn't have that much to blow on luxuries. Is he a young person who is being supported by a parent? Some young people feel the need to blow all their money on nonessentials. Some of them grow out of this, some don't.
I agree with the others, he isn't going to get enough of a tax return to purchase a truck. He may get a downpayment, and then he will have to discipline himself to make those payments out of his salary.
Hopefully, he will live and learn. Better to blow away a $9.25 an hour wage, and learn from his mistake, than wait 20 years and blow away much more.
2007-06-20 09:57:47 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
Actually he should do the opposite. If he spends his income on important stuff all year long, He can splurge when he gets him income tax because he wont have any debt. I did something similar. I got laid off and took my time to find another job since im a student also. I figured I could live off of my return (It was huge!!) But I only recieved the first check because there was an error on my federal check. I started to fall deeper into a hole because I was counting my eggs b4 they hatched. That was about 3months ago and I am just now getting out of the debt fast thinking got me into,and I still havent gotten my check yet! The IRS is SLOW!!!. He should re-evaluate.
2007-06-20 07:27:36 · answer #2 · answered by stricklyai_03 3 · 1⤊ 0⤋
You mean he doesn't need to spend his income on meals, rent, utilities, etc? On $9.25/hr? That's an awful lot of ramen noodle meals there.
The only truck your friend will afford w/ his tax return is of the Matchbox variety.
2007-06-20 09:44:51 · answer #3 · answered by CMass Stan 6 · 0⤊ 0⤋
Doesn't sound very smart, but I guess he can spend his money however he wants to as long as he pays his bills.
If he has that big of a refund, he's making an interest-free loan to the government through the year. A lot of people who can't manage to save otherwise do this.
2007-06-20 07:25:05 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
there is no possible way he will be able to buy a truck with his tax return. I made similar wages last year and my tax return was only $800. at the max he will maybe get $1,500.
2007-06-20 07:19:40 · answer #5 · answered by yourbugsrmine 2 · 2⤊ 0⤋
there are a lot more things to spend money on other than luxuries and a truck. your friend doesn't sound like he has his priorities straight.
2007-06-20 07:19:04 · answer #6 · answered by cashmaker81 6 · 1⤊ 0⤋
I wouldn't advise it, it's better to use a dark colored erasable ink pen.
2016-04-01 08:04:49 · answer #7 · answered by ? 4 · 0⤊ 0⤋
Have to agree. Not smart at all.
2007-06-20 07:44:55 · answer #8 · answered by Bostonian In MO 7 · 0⤊ 0⤋
Not smart at all
2007-06-20 07:16:36 · answer #9 · answered by Golden_Goose 3 · 1⤊ 0⤋
Not so smart!!!!!!!!!!!
2007-06-20 07:17:26 · answer #10 · answered by Anonymous · 1⤊ 0⤋