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From getting a Tibetan terrier puppy to saving for an engagement ring, here's how six people plan to spend their tax refund this year.


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What is IRS Form 8824: Like-Kind Exchange

Ordinarily, when you sell something for more than what you paid to get it, you have a capital gain; when you sell it for less than what you paid, you have a capital loss. Both can affect your taxes. But if you immediately buy a similar property to replace the one you sold, the tax code calls that a "like-kind exchange," and it lets you delay some or all of the tax effects. The Internal Revenue Service (IRS) uses Form 8824 for like-kind exchanges.

What are ABLE Accounts? Tax Benefits Explained

Achieving a Better Life Experience (ABLE) accounts allow the families of disabled young people to set aside money for their care in a way that earns special tax benefits. ABLE accounts work much like the so-called 529 accounts that families can use to save money for education; in fact, an ABLE account is really a special kind of 529.

What is IRS Form 8829: Expenses for Business Use of Your Home

One of the many benefits of working at home is that you can deduct legitimate expenses from your taxes. The downside is that since home office tax deductions are so easily abused, the Internal Revenue Service (IRS) tends to scrutinize them more closely than other parts of your tax return. However, if you are able to substantiate your home office deductions, you shouldn't be afraid to claim them. IRS Form 8829 helps you determine what you can and cannot claim.

What is IRS Form 8859: Carryforward of D.C. First-Time Homebuyer Credit

Form 8859 is a tax form that will never be used by the majority of taxpayers. However, if you live in the District of Columbia (D.C.), it could be the key to saving thousands of dollars on your taxes. While many first-time home purchasers in D.C. are entitled to a federal tax credit, Form 8859 calculates the amount of carry-forward credit you can use in future years, not the amount of your initial tax credit.

What is IRS Form 8379: Injured Spouse Allocation

The Internal Revenue Service (IRS) has the power to seize income tax refunds when a taxpayer owes certain debts, such as unpaid taxes or overdue child support. Sometimes, a married couple's joint tax refund will be seized because of a debt for which only one spouse is responsible. When that happens, the other spouse is said to be "injured" and can file Form 8379 to get at least some of the refund.

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Robert Young

Probably spending their money on much higher gas and food prices caused by obama's marxist fiscal, monetary and regulatory policies

April 16 2013 at 1:21 PM Report abuse rate up rate down Reply
Michele

WHAT REFUND????? I'm a widow with no children at home so I just keep paying, and paying!

April 16 2013 at 9:48 AM Report abuse rate up rate down Reply
silverfawn

Bills, bills and more bills....

April 16 2013 at 9:11 AM Report abuse rate up rate down Reply
bubbarx99999

I will use it to help make up for the $2400 that un-Affordable Health Care is costing family my year.

April 15 2013 at 8:32 PM Report abuse +1 rate up rate down Reply
bakethis

It's not a refund, it's an over payment.

April 15 2013 at 6:57 PM Report abuse +1 rate up rate down Reply
teltech544

I put my money in my mattress. Hopefully the economy will get better after you know who gets done screwing the lower and middle classes over royally. But for now I am going to sleep on it. (Pun intended)

April 15 2013 at 6:38 PM Report abuse +1 rate up rate down Reply
crysssy

Paying bills with my small refund.

April 15 2013 at 4:52 PM Report abuse rate up rate down Reply
bobmc369

Not buying anything. Why pay more taxes? This is my money. I am using my refund to pay down and eliminate most of my debt. Putting the rest away as part of my future retirement expenses and Medicare (seeing the government is setting up to screw me later).

April 14 2013 at 2:16 AM Report abuse +2 rate up rate down Reply