My tax return

[KimberKenobi]

The first part of my tax return is going for new wheels and tires. I'm getting Hankook Winter iPike W409 185/65R-15 for my stock wheels.I'm getting Konig HotSwap Gloss Black 17x7 wheels with Yokohama S.drive 205/50R-17.I'll have to pay to have my stock tires unmounted, my TPMS sensors moved and both new tires mounted and balanced. I'll also be buying a set of 4 red inserts for my HotSwaps. I estimate this will run me $1650 all told.

So, that'll leave me approximately $1400. The question is, how do I spend that? I'll have a few options ranging from the responsible to the outrageous... and you guys can help persuade me if you so wish...

Of note, SCCA membership is what I'll have to get anyways because I'm participating in the AutoX for the entire 2009 season.

[arco]

I vote for getting the membership and putting the rest of it in savings.

...and perhaps fixing your W-4 next year so they aren't withholding so much of your hard-earned money!

[KimberKenobi]

Well, last tax return (guess that would be 2007 taxes) I used solely to pay of one of my student loans and for expenses incurred in moving... so none of it went to fun and not a lot was spent on fun this year because of moving and settling and commuting for 6 weeks and my dead-beat ex not paying child support for almost 2 months...

I wanna have some fun this time around ;oD

Plus, like most single parents, my tax refund is not less than $3,000 so no matter what I do, a few hundred should be going into savings anyways.

[fjwagner]

... so, you enjoy loaning the government that much money interest free every year? Sounds like you should adjust your withholdings to come out closer to zero at tax time. I vote for saving as much as you can in a 529 account for College savings for your child. That may be too practical, but the best use of the money. Those wheels and tires will long be gone in a few years, but the savings will still be there. Fred

[blindsnyper]

coilovers and savings

/thread

[superskunk]

those are all good choices, but if you get the hatch and hood, the hatch is fairly easy to install yourself... the hardest part is removing the 3rd brakelight and drilling the holes for them onto the carbon hatch... oh yeah also paying to have your glass transfered...

[aleckz]

If you are going to be tracking the car, I would suggest saving the money for new tires for when you need them at an event. And I don't know if 17's will give you enough rubber / traction for autocross. Be ready to upgrade/replace a clutch because I believe that the Versa clutch is not as durable as it seems, plus its not a cable linkage, its a hydraulic linkage. Also, when I was doing my oil the other day, I was checking out the control arms on the V and they seemed pretty weak, even comparing them to my older Neon. But good luck on tracking it, just remember to contain yourself in your own limits and not the cars.

[KimberKenobi]

1) My tires are practically shot - I've got 47k on the Camel2) I have a CVT so no clutch for mes!!3) As soon as Teagan starts attending school, that $800 I spend on daycare per month can go into her college savings plan. I went to a work-study college I could afford, Teagan will survive the same fate XoD4) I'm pretty sure I'm at the lowest withholding I can be at... It's my understanding that most single parents end up with the same amount of tax credit after you factor in medical, daycare, and the child credit...

Good comments and suggestions!!

[manvan]

well go for what the car needs more if you really need tires, but i like the bob special, our cars might not be fast so make yours out handel others, you can be the lotus of versas, not alot of power but sweet handeling

[fjwagner]

3) As soon as Teagan starts attending school, that $800 I spend on daycare per month can go into her college savings plan. I went to a work-study college I could afford, Teagan will survive the same fate XoD

the way you handle your withholdings is to modify the exemptions you are claiming to either increase or decrease your tax taken out of your paycheck. The following form has a worksheet to do so. http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3

Regarding your comment number 3, why not do things now so your daughter does not suffer the same fate as you call it. Amazing what compounding interest does over a 15 year or so period.

Just thoughts from a conservative guy when it comes to finances. Fred

[KimberKenobi]

(because I was the work colleges representative for Berea College... and because I loved it)

Berea’s cost of educating a student exceeds $23,000 per year.

Berea is able to provide tuition-free education to "academically promising students, primarily from Appalachia, who have limited economic resources" because they receive their money from their own funding as well as donations.

Seeing as in 2002, one of Berea's alumns won the Nobel Prize in chemistry... I don't really think I suffered any as a result of attending a tuition-free school...

as for the withholdings form... I'm pretty sure the last time I filled it out I was a single, head-of-household, individual with one dependent, making less than $58k... so I don't think much will change... but I'm willing to give it a try. (a little bigger paycheck would be nice too)