Are You Overpaying Uncle Sam – Income Tax Refunds

income tax refundEvery year most people look forward to receiving a tax refund.

In fact, a couple of us have already made plans on how the money is will be spent well in advance before even receiving the refund.a few of us even brag about how large our tax refund could be as if receiving a big refund means you’re considered smart and savvy. Considering the above said. Fact is nothing may be further from the truth. Notice that the thing is, the more money one receives back from the federal government it’s a clear sign that one gave more than one was suppose to have given. You miscalculated and short changed yourself! It’s like intending to the grocery store and buying 5500 and walking away, yet waiting for the cashier to run behind you to the parking lot and remind you that you forgot your change.

Let me ask you something. Listen folks, noone must feel good about getting a big tax refund, especially if you’re considered grown and over the age of Why, this is the case right? Cause you’d better know better! I’d say if that’s true, a lot of us complain about not having enough money to make ends meet, how can you afford to give the federal government a tax free loan and allow them to keep your hard earned money for over a year, use it as they please and hereupon finally give it back to you when you file your income tax return. How ridiculous is that! Consequently, who’s fooling who? Guaranteeing a tax refund check right after the year, so many individuals even claim zero exemptions throughout the year just so they can be certain that they pay more taxes than they legally have to. What a sad, sorry tax strategy!

income tax refundFolks we’re free, slavery is over, Rosa Parks did her thing and so did Dr.

We’re living in a modern society, we drive fancy cars, no more horse and buggies, we’re allowed to learn and obtain as much knowledge about any subject that our hearts desire, Martin Luther King. Then again, none of us gonna be letting noone except especially the IRS keep for any longer being that we’re as pointed out by the time value of money theory, suppose you get a tax refund of 10000 per month thence give me the per month,, you’d better invest it promptly and receive interest on the money throughout the year, So in case you’re still alive after 12 months you’ll have more money saved than 10000 per month to pay bills and get out of debt. How do I get my money now and avoid a large tax refund, am I correct? The best thing to do now is adjust your W4 and consult a tax planner to define the proper exemptions to file.

So in case you’re single without kids you pay a certain amount, the IRS has a tax chart to fit everybody, So in case you’re ‘marriedyou’ pay another quantity of taxes even if you earn really similar amount as the single person with or without kids. Normally, the percentage of taxes we pay really depends on what amount tax reduction strategies we know how to use, trust me, it pays to have a really good accountant. Do yourself a favor, if you’re getting a fat refund this year, ask your tax preparer to adjust your exemptions so you can have access to invest your hard earned money now rather than later.

income tax refund

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