Each year, millions of Americans look forward to a Spring windfall. The government sends them hundreds or even thousands of dollars, which they will wisely invest or use to fulfill lifelong dreams. But, there’s another way to look at this rosy scenario.
Each year, millions of Americans let Uncle Sam take and hold on to hundreds or thousands of their hard-earned dollars each pay, interest-free. After letting the government keep and reap the rewards of their cash, they fritter away their refunds on vacation or furniture or – even worse – take out loans to tide them over until their refunds arrive.
As much as we all love to get a hefty check in the mail, let’s face the facts. A tax refund simply means you’ve been paying more than you need to all year long. So why let Uncle Sam use your money, when you could be using it yourself?
If you're expecting a large refund, ask your tax advisor if you should adjust your withholding rate this year. Set aside the extra income in a separate account, and next year at this time you’ll have a windfall of your own – with interest!
Visit the www.irs.gov to use the withholding calculator so you can adjust your W-4 and get more money in your paycheck.
Please consult your tax advisor regarding specific tax situations.
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