tax return and when should we file?

[95kindebt]

We are expecting about a 5k tax return in the next 6 weeks or so. Should we file before the tax return or hold out for the retun? Then what do we do with the money? Do we liquidate it? how would you handle this situation?

[JRScott]

Awful late in the year to get it.

You will need to probably spend whatever you cannot exempt on approved expenses: car maintenance, home maintenance, dental, eye doctor, regular physical, etc.

You'd probably want to wait til afterwards or it will be mailed to the trustee and not you. Though he could later relinguish his interest in it that isn't that likely for such a large amount.

[95kindebt]

Awful late in the year to get it.

You will need to probably spend whatever you cannot exempt on approved expenses: car maintenance, home maintenance, dental, eye doctor, regular physical, etc.

You'd probably want to wait til afterwards or it will be mailed to the trustee and not you. Though he could later relinguish his interest in it that isn't that likely for such a large amount.

becasue of my husbands 2 side businesses, we have to file an august 1st extension every year, and do our taxes in the summer, when our acocuntant is done with all the normal returns.

[aces67]

File after your return and in the meantime spend your return on normal household expenses.

[berrymom35]

Our atty told us that our tax return was ours to keep and that it would not be counted in our 6 month income..we are filing at the end of this month. Ours was only $1,600 and honestly, we just used it to make ends meet....we had more room to breath for a few weeks and got some large bills we were behind on caught up.