Getting a big tax refund? You're throwing money away
By Herb WeisbaumSEATTLE -- Tax day is just one month away now. Are you expecting to get a big refund? Audio
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I know people who look forward to getting that refund check each year. It's like they beat the system. Of course, you didn't. This is not the smart way to save. A big refund check means just one thing -- you overpaid your taxes during the year. Kimberly Lankford with Kiplinger's.com says that's not the smart way to manage your money. "So many people, during these tough economic times could really afford to have the extra money to pay the monthly bills instead of having to wait until the end of the year," Lankford said. You work hard for your money, why let Uncle Sam have it -- hold on to it interest free -- and then give it back to you next April? Lankford says adjust your withholding by filing a new W-4 form with your employer. "So you actually have more money in your paycheck every month rather than having to wait next year to get a big refund," she said. Kiplinger's has a easy-to-use withholding calculator on its Web site. Here's a link to the "Adjust My Withholding Calculator." More Info: Most Popular |
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February 9, 2012
- Coos Bay / North Bend, Oregon
