social

Don't Lend The IRS Your Money

Avoid tax refunds. Getting one usually indicates poor tax planning. It means that you have overpaid your taxes throughout the year. What's worse, you're not even collecting interest on the funds you're "lending" to the IRS. Adjust your withholding at work so that less is taken out each payday.

Advertisement



By Joesgirl

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

 
By jeangnome46 (Guest Post)
November 3, 20040 found this helpful

What you say is very true, but for someone as undisciplined as I am it is a sure way to save money and believe me that few hundred sure comes in handy in March or April for car repairs or other things you normally can't afford like tires or Other rather large purchases.

 
November 4, 20040 found this helpful

Absolutely right. I've had a lot of friends who intentionally paid more withholding tax than they should have so they could get a big tax refund. I told them, that is just plain crazy. You get no interest on it; why not open a savings account and put your "extra" cash in there? At least it will be drawing a little interest, and the gubment won't be tossing it into the pork barrel.

Advertisement

Set an annual date for withdrawal, as needed, and don't touch it except on that date. And even then, only withdraw what you must have. You can build up a nice little retirement account like this.

 

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

 
In This Page
Categories
Budget & Finance BudgetNovember 3, 2004
Pages
More
🐰
Easter Ideas!
🍀
St. Patrick's Ideas!
🌻
Gardening
Facebook
Pinterest
YouTube
Instagram
Categories
Better LivingBudget & FinanceBusiness and LegalComputersConsumer AdviceCoronavirusCraftsEducationEntertainmentFood and RecipesHealth & BeautyHolidays and PartiesHome and GardenMake Your OwnOrganizingParentingPetsPhotosTravel and RecreationWeddings
Published by ThriftyFun.
Desktop Page | View Mobile
Disclaimer | Privacy Policy | Contact Us
Generated 2024-03-07 20:17:36 in 3 secs. ⛅️️
© 1997-2024 by Cumuli, Inc. All Rights Reserved.
https://www.thriftyfun.com/tf515268.tip.html