Just Say No To Tax Refunds
What the F%&* some of you may be thinking, but hear me out. Many of us grew up thinking that receiving a tax refund was a good thing, but the reality is, its not.
Say for instance that you have a $2,400 tax refund coming to you this year, great you may think. But what you've really done was loaned the government $200 a month, interest free.
Instead, you could have placed that extra $200 a month into a Savings Account, ROTH IRA or other investment to draw interest on it. Make your money work for you! And if it just so happens that you will owe the government money, no biggie because it was just a interest-free loan from the government (If paid by April 15th) and you would have the money saved to draw upon, if needed.
To minimize the amount of taxes taken out of your paycheck, contact your HR person or department to have them change your exemptions.
The IRS has a great Withholding Calculator to help ensure that not too much or too little income tax is withheld from your pay.
Oh, and if by chance you do receive a refund this year, pay off your high-interest debt first.
Comments
Excellent information. I have always known that getting a refund was counter productive. Now I know what I can do to keep my money.
Thanx
Posted by: malcolm | March 11, 2006 08:46 AM
This is generally good advice. However, for those of us that have a business, a tax refund is an exceptionally good thing. The tax laws were written for business owners, not the business worker. Even if you own a part time enterprise, you still stand to gain. Even if your business runs at a loss (within reason) you still stand to gain based on ROI (return on investment).
Posted by: Wil | March 13, 2006 03:18 PM
so are you saying not to file your taxes I'm a bit confuse
Posted by: David | March 16, 2006 01:02 PM
That is very scary information, since so many of us tend to owe. From my years of experience, it is better to be owed (by the govt) than to owe.
Posted by: Mike | April 6, 2006 11:52 PM
I have been doing this for the last 12 years. I have been trying to get my family and friends to get money smart and follow me. Some have, but others are to stuck in the thinking that a refund is a good thing. I really believe they are afraid to owe the government a few dollars. Discipline is the key!!
Posted by: Viincent | May 1, 2006 01:10 AM
this is a good rule of thumb. One. if you make over $40 k per yr buy a damn house. Two. change your deductions that will allow you to take home more of your check. three get a good tax preparer NOT H&R or those big firms, get some1 who understands what your goals are in life. It not expensive as you think (save the admission fee to a club for one month and you'll pay for this service)
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