Tax season is well underway, and many of us are already thinking about that refund check. Actually, about 75% of individual taxpayers receive a refund every year at an average of about $2,900. And If you are expecting one this year, start thinking about a good plan for your chunk of money.
A tax refund isn’t the government giving you a bonus – this is your money being returned to you. In essence, you are providing an interest-free loan to good ol’ Uncle Sam.
In fact, if you anticipate a sizable refund, you are probably having too much withheld by your employer. In a perfect world, your withholdings would equal your tax liability so that you and the IRS would just call it even at the end of the year…but for many of us, it’s easier to have the money withheld and returned to you.
So, have a plan in place for your refund. Don’t let your refund check sit idly in your checking account to be squandered on mall and on-line shopping, dining out and your daily Java Caramel Expresso Frappe Cappuccino fix. Give the money a purpose.
Can’t think of what to do with it?
Try these ten tips on good advice for your refund money.
For more information, please contact Victor C. Belgiorno at 516-861-3704 or or Bob Jahelka at 516-861-3707 or .