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  • 3 years ago
Less Taxes, More Money In Your Paycheck - Running a mid-year tax return can improve your cashflow

Less Taxes, More Money In Your Paycheck - Running a mid-year tax return can improve your cashflow

Do you know why stories of people with $.32 refund checks are in the news? Because they are so rare!  Most people want to get a big tax refund. Getting a huge refund is an extremely inefficient use of money - both for you and for the government. I recommend adjusting your withholding so you can bring more money home and put it towards your goals: High-interest rate debt Building up reserves Saving or investing Run a mid-year income tax assessment Making course corrections in August helps steer your tax withholdings closer to the target - which is to owe nothing or get a small refund.  It’s almost impossible to be exact, there are too many moving parts, but you can bring your tax-boat closer to the dock in the last few months of the year. Gather together the following items: Last year’s tax return Last year’s Schedule A (if you itemized deductions) Your last two pay stubs (include your spouse's as well) Note: If you have a small business or are an entrepreneur then you will need to

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