Spendster.org: Say No to Refunds!
Say No to Refunds!
It’s that time of year again—TAX TIME. YEAY!
You probably haven’t even looked at your taxes yet, have you? If you’re banking on getting a refund, maybe it’s time to rethink that mentality.
Here’s how I like to think of refunds. Basically, the government’s holding on to your money all year and then at the end of the year, says “Ok, here’s your money that we used this past year, but too bad for you, your cash didn’t earn you any interest back. Oh well, your loss.”
So, really, it sounds backwards, but you want to cheer when you don’t get a refund because that means you’ve kept your money and earned interest on it.
Sure, interest on most saving products right now is down, but still you could get 1-2 percent back on your investment. While it’s not a ton of money, it’s still better than the $0 extra the government will give you with your refund.
We all know the government could use some extra money right about now, but couldn’t you, too?
Now is as good a time as ever to go to your HR person and ask to adjust your tax withholding. It’s not hard to do. You just have to fill out a W-4 form. That way, next year, you can keep your money for yourself and even make some (from interest) in your own savings.
Contributed by: LitterLady
Were you a procrastinator with your taxes this year?
You probably haven’t even looked at your taxes yet, have you? If you’re banking on getting a refund, maybe it’s time to rethink that mentality.
Here’s how I like to think of refunds. Basically, the government’s holding on to your money all year and then at the end of the year, says “Ok, here’s your money that we used this past year, but too bad for you, your cash didn’t earn you any interest back. Oh well, your loss.”
So, really, it sounds backwards, but you want to cheer when you don’t get a refund because that means you’ve kept your money and earned interest on it.
Sure, interest on most saving products right now is down, but still you could get 1-2 percent back on your investment. While it’s not a ton of money, it’s still better than the $0 extra the government will give you with your refund.
We all know the government could use some extra money right about now, but couldn’t you, too?
Now is as good a time as ever to go to your HR person and ask to adjust your tax withholding. It’s not hard to do. You just have to fill out a W-4 form. That way, next year, you can keep your money for yourself and even make some (from interest) in your own savings.
Contributed by: LitterLady
Were you a procrastinator with your taxes this year?