Tuesday, March 2, 2010
Tell- a-Tip-Tuesday- Are You Due A Delayed Tax Refund?
I was trying to come up with something I could do every Tuesday on this blog and since I love handy tips so much I thought it would be nice to share them.
Tips on anything. Do you have a cooking tip? Or something that has worked child wise?
How about a new way to water your plants? Or how do you keep your dog from barking so much?
Need a tip for something? Ask, and you may get some help.
Okay, I'll start....
With Tax time approaching think about this for next year...
Do you receive a refund? Are you just pee your pants happy when a fat check from Uncle Sam comes in the mail?
Well, thats NOT from Uncle Sam. It was your money to begin with. And as more and more states are starting to issue IOU's and pushing back refund mail out dates, some taking your refund for past issues that may have already been resolved, you do have a way to receive that money during the year instead. After all why let them hold it interest free?
Simply up your with holding allowances on your W-4's. You can go to the book keeper for your job and tell them you want to fill out a new W-4 anytime.
The last couple of years Larry worked we had him getting below 10.00 back in a tax refund. Instead his weekly take home pay went up every week.
If you have a student loan in default and they are seizing your tax refund at the end of the year, this is a way to get the money in your pay check instead.
You can claim up to 9 with holding allowances legally without your employer sending the form back to the IRS, and you can opt out of having Federal taxes withheld all together if you received a refund the year before.
You need to sit down and figure out how many allowances will it take to come close to breaking even with your taxes. But it is not hard. Just gather your tax paying materials this year plus a few extra and play with it. Up it 2 more and see where that puts you with a refund. You MUST be truthful on your actual filing. But you are legally allowed to up your with holding allowances on your W-4. This witholding calculator may help.
After all, it's your money.
I am in no way an accountant. I only offer this advice based on my own personal experience and the fact that this Government is out to use the peoples money, saying the Government is in a jam, all the while having no respect for the people and the jams they may be in, some jams created by that same Government.