Hello again,
Okay, so I’ll be getting $1,100 back this year—not bad. I was hoping for more considering I spent more on tuition and school supplies, but here’s what I learned.
· Keep all your receipts.
Receipts are evidence that you purchased what you said you did. Keep receipts for bus passes, textbooks, charitable donations, tuition statements, and big-ticket items like laptops and cameras. Last year I bought a folder to keep all my receipts organized, because I wasn’t able to claim things unless I had the receipts—I lost out.
· Just because you make more money, doesn’t mean you get more back.
Even though I asked questions I still don’t get the math of taxes (I’m more of a writer,) but I worked at three different places last year, and two of the three jobs barely taxed my cheques—this means a lower return for me. I made $5,000 more last year than the year before, but I was taxed the same.
· A bigger tax return is actually worse.
Again, I cant fully explain this properly, but the lady who did my taxes said it’s better to break even than to get a big return. She said it’s better—especially for students—to get more money back every pay cheque than to get a big return—you actually get more money back when you break even, it just doesn’t feel like it.
I prefer a big return so I can buy something awesome like a tropical trip or a new phone. But, if you’re like me and have a hard time saving money, sign up for a savings account, and get your bank to take out $25-$50 every two weeks and put it in a savings. Then spend—better yet save—that money annually.
· You can’t claim extras—pardon?
This is for all you college folk. Another reason why I thought I would get a better return this year was because I spent about $3000 on tuition (which is normal,) but CreComm required that we buy a $2,275 Mac Book, and a $1,500 DSLR Camera—THAT’S MORE THAN MY TUITION. Oh, and I’ll spend over $100 in printing. Not complaining, because I love my Mac and camera, but they were expensive.
You cannot claim “extras” like these unless you do freelance work. If I knew enough to freelance I wouldn’t be in school. If the college included these costs in the tuition, I WOULD be able to claim them. Silver lining? Well I can claim the laptop and stuff when I graduate and do freelance work. **Puts the laptop and camera receipts in the folder**
Now the question is… What should I spend my money on? Leave a comment!
Okay, so I’ll be getting $1,100 back this year—not bad. I was hoping for more considering I spent more on tuition and school supplies, but here’s what I learned.
· Keep all your receipts.
Receipts are evidence that you purchased what you said you did. Keep receipts for bus passes, textbooks, charitable donations, tuition statements, and big-ticket items like laptops and cameras. Last year I bought a folder to keep all my receipts organized, because I wasn’t able to claim things unless I had the receipts—I lost out.
· Just because you make more money, doesn’t mean you get more back.
Even though I asked questions I still don’t get the math of taxes (I’m more of a writer,) but I worked at three different places last year, and two of the three jobs barely taxed my cheques—this means a lower return for me. I made $5,000 more last year than the year before, but I was taxed the same.
· A bigger tax return is actually worse.
Again, I cant fully explain this properly, but the lady who did my taxes said it’s better to break even than to get a big return. She said it’s better—especially for students—to get more money back every pay cheque than to get a big return—you actually get more money back when you break even, it just doesn’t feel like it.
I prefer a big return so I can buy something awesome like a tropical trip or a new phone. But, if you’re like me and have a hard time saving money, sign up for a savings account, and get your bank to take out $25-$50 every two weeks and put it in a savings. Then spend—better yet save—that money annually.
· You can’t claim extras—pardon?
This is for all you college folk. Another reason why I thought I would get a better return this year was because I spent about $3000 on tuition (which is normal,) but CreComm required that we buy a $2,275 Mac Book, and a $1,500 DSLR Camera—THAT’S MORE THAN MY TUITION. Oh, and I’ll spend over $100 in printing. Not complaining, because I love my Mac and camera, but they were expensive.
You cannot claim “extras” like these unless you do freelance work. If I knew enough to freelance I wouldn’t be in school. If the college included these costs in the tuition, I WOULD be able to claim them. Silver lining? Well I can claim the laptop and stuff when I graduate and do freelance work. **Puts the laptop and camera receipts in the folder**
Now the question is… What should I spend my money on? Leave a comment!
Photo:http://www.moneyaftergraduation.com/2012/03/26/what-i-did-with-my-income-tax-refund/
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BANK ACCOUNT: 444.77
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BANK ACCOUNT: 444.77