I dropped off my tax paperwork to my CPA this morning. Hopefully, he will be done in about a week or so. And this time next week, I will submit my tax return to the IRS.
If you haven’t started your tax return yet, it’s time to start! Get them submitted! There’s less than a month to go!
One of my Facebook buddies is getting $8,000 back from the government and has gotten at least $8,000 back for the past 4 years. Folks, this is simply stupid. People treat tax refunds like some reward that the government is treating you to. But it’s not!
I didn’t start a debate with this particular friend, but I should have told him that a tax return just means that you are overpaying your taxes through the year. If you’re getting $8,000 back at the end of the year, you’re basically letting the government borrow your money for a year. And they don’t pay you interest to boot!
Instead of getting money back at the end of the year, wouldn’t you prefer getting $666.67 per month throughout the year?
If so, then adjust your W-2’s to get that $666.67 back every month. And leave the government’s hands off your money!