Income Tax Return and Mustang Mods

[Blackened302]

hoping to get the $8k tax credit for first-time home-buyers! closing the deal is pending an inspection, which is pending the light/water being turned on. all of that will probably go into the house, though. hoping to have some money for wheels/tires for the mach, but i really need a new computer for my side business and really want to go mac.

 

[1slow95]

I usually get about $600 back...Haven't done my taxes for this year yet. Whatever I get back will be going into the car though. Here's my list,

Pistons
Valve springs
Pushrods
Gaskets, Bearings, Etc.
Machine work on the block
And probably a few other parts I'm forgetting.

 

[4Jenna]

I'm doing some pit pal things for the inside of my trailer, and getting the house exterior painted.

 

[BLOWN347STROKER]

Should be getting back around 9000 with the first time home buyers and my regular income taxes. Huge list for the car

tubular k member
tubular a arms
front coil overs
mini tubs
fully adustable 4 link setup for the rear
rear coilovers
cage
subframe connectors
fuel cell
battery box
446ci stroker
built transmission
and much more

 

[BlackVert]

looks like i'm getting about $4,400 back from the feds, probably about $750 from the state



of course that is already spent on my wife's transmisison and root canal, and the wet basement we had in december

 

[Venom351R]

looks like i'm getting about $4,400 back from the feds, probably about $750 from the state



of course that is already spent on my wife's transmisison and root canal, and the wet basement we had in december

I have my whole list bought that I put up in the first post except for the front runners. Other then that its all here.

 

[Itkix]

Wish I got some $ back seems I gave them enough. 14k fed, 5k state, broke even state owe Uncle Sam $1500 still. That sux. My new wheels went bye-bye for now.

 

[revhead347]

Just got back $8673.00. I need new carpet for the house, and the rest is going into my emergency fund. Maybe I'll take a grand out to finish my suspension.

Kurt

 

[BlackVert]

Just got back $8673.00. I need new carpet for the house, and the rest is going into my emergency fund. Maybe I'll take a grand out to finish my suspension.

Kurt

$8673 is a nice chunk of change

 

[Venom351R]

must have a house and kids lol

 

[BlackVert]

must have a house and kids lol

lol house, kids, wife and college. in 1 1/2 years both kids will be in college

 

[castine917]

my camaro got paid off with taxes. that would have freed up income to spend on stang but, wife is now a stay at home until she finds another job.

 

[castine917]

btw. nice list venom!

 

[revhead347]

must have a house and kids lol

No kids, but the house helps a lot. I bought the house in Feb last year, so I got the first time home buyer credit of $8K. Even with my W4 set at 3 with holdings, and I have no dependents, I still got the additional $673 back out of my taxes. I was able to deduct $12,000 from my income, just by filling in boxes on Turbotax from my mortgage statement. I then had my school loan interest to deduct, and my union fees. So there is my advice, if you want to do mods to your car, buy a house.

Kurt

 

[Venom351R]

Thanks castine.


yeah Id like to buy a house but while I have a Mustang and truck payment thats not going to happen.

 

[blksn955.o]

Got $3,600 back this year

Going to putting a new roof (already have a chunk for that too) on and if anything is left over putting some tile in the kitchen and bamboo in the living room and 1 bedroom...not sure if we are going to the strand or solid bamboo. Getting rid of carpet in most of the hose. Will only have it in our master bedroom after this and its already new.

I have my own mustang fund and after I rebuild my rear end and get a new t-body and for other small things will still have around $500-600 in the astro/g-force fund for next spring with 12mo to save. Just getting the gearset and parts and building myself so it will help with the costs.

 

[Killercanary]

I bought this with some of my refund... It should ship this coming week and I should have it by the first week in April.


BendPak HD-9 Four Post Lift 9,000 Lb. Capacity, Standard Width

 

[BlackVert]

I bought this with some of my refund... It should ship this coming week and I should have it by the first week in April.


BendPak HD-9 Four Post Lift 9,000 Lb. Capacity, Standard Width

what does something like that cost?

 

[Killercanary]

The lift with drip trays, 2 bottle jack rails so I can lift the car on the lift in order to remove wheels/tires, and a telescopic oil catch can for doing oil changes cost $29xx shipped to my house.

 

[rj95svt]

I got back just over 3,000 this year but sadly 90% of that was spent on bills. I got to spend 310 on my cobra for a bassani race catback, 2 1/2" tailpipes with 3" tips. UPS bent the ends of the tips up so unfortunatly I'm waiting on them now to see if they will pay me for some very nice stainless tailpipes they ruined.

The good news is I got the mufflers flow tubes and turndowns (clamped on) on and they sound great but I want to put the tailpipes on so that hopefully it will be a little quieter on the inside of the car.