Now That Tax Season Is Over…

Just because the tax season is over, doesn’t necessarily mean we can hang up our cleats until next April. Now is the time to make plans for next tax season.

I have a few tips for you, whether you were lucky enough to receive a refund this year, or you had to pay taxes this year.

Lets start with 2 things you should be doing if you received a refund:

#1. Do not spend your entire refund on STUFF…Instead use it to pay down your high interest debt.

#2. The average refund this tax season was over $2650. That means you are giving the government an interest-free loan. If you update your W4 form at work, you could potentially increase your take home pay by over $200 a month.

Next are 2 things to help you next year, if you had to send in a check with your tax return:

#1. Sit down with your CPA or tax preparer to do some projections on your taxes for the coming year.

#2. Be sure to put away enough to cover your tax liability each month or quarter in a savings account. Doing so will save you money on interest and penalties that the IRS is notorious for charging.

Related posts:

Mid-Year Tax Planning Tips
4 Best Places To Keep Your Will
Finding Lost Savings Bonds

Please share your comments and questions