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As you prepare to complete your tax return, do your best to avoid making the following common mistakes.
Not sure what to do with your tax refund? You could always consult with a financial planner. But if you're feeling a bit more astrological let's see what the stars tell us you should do...
Many Americans knowingly overpay on their taxes, and then treat their tax return as an annual bonus, rather than what it really is – your money being returned to you.
Yes, you’ve got months to submit your return, but you can complete your return right now and there are at least six compelling reasons why you should do so.
Your money has been waiting patiently in state and federal treasuries, playing Angry Birds and reading the same issue of Men’s Health over and over again. But now it’s time to bring your money home!
Time is running out to file your income tax returns, so here are a few tips to ensure as many of your little green friends as possible make it home this spring.
According to reports, the majority of filers simply use the standard deduction rather than itemizing – which can leave many feeling short-changed. So keep in mind that if you just can’t be bothered with all of those numbers and decimal points, you can hire a professional do the legwork for you! Just remember: It's your money.
Note: This guest post was written by Jesse Campbell, counselor for Money Management International.
It’s tax time and that means payday for many American workers expecting a tax refund. After a tough economic year, many cash-strapped taxpayers may be feeling a bit desperate and don’t want to wait longer than necessary to get their money. Unfortunately, this could drive consumers struggling to make ends meet to seek a refund anticipation loan.
Basically, a refund anticipation loan is a short-term cash advance that uses your expected tax refund as collateral. The loans allow you get your money a little bit earlier, but at a hefty price. According to consumer advocates, refund anticipation loans fees translate into high Annual Percentage Rates (APRs) of 50% to 500%.
Low- to moderate-income taxpayers are usually the target of tax refund anticipation loans. These consumers end up paying a total of more than $900 million in fees for their easy money. Although the IRS does not take an official stand on refund anticipation loans, it also does not endorse the practice. Unless someone is facing a true financial emergency, the fees are just not worth the convenience. Instead, taxpayers should consider taking steps to ensure they receive the maximum amount owed to them:
Finally, if you are anticipating a tax refund for more than $500, consider reducing the withholding on your W-4. Calculators at IRS.gov can help you figure your appropriate amount. More money on your paycheck will help during this time of economic recovery.
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