What do you plan on doing with your income tax!
Professional
Joined: Feb 2010
Posts: 192
Likes: 0
From: Texas
You guys do realize that by not claiming the proper deductions each month, you are letting the government use your money with zero interest for a year!
It is better to max out your legal deductions and place it in a interest bearing account and bank the interest money yourself. I have a 3.75% checking account...what do you figure I would make a year on that same $4,300...compounded? Even if you didn't want to save it, at least you would see it each month in your paycheck and could buy the parts you need, when you needed them, versus having to wait till the end of the year.
It takes some financial discipline but I refuse to let the government have a dime of my money if I can help it....especially with the current administration....but that's a whole different matter for a different forum. Just a thought.
It is better to max out your legal deductions and place it in a interest bearing account and bank the interest money yourself. I have a 3.75% checking account...what do you figure I would make a year on that same $4,300...compounded? Even if you didn't want to save it, at least you would see it each month in your paycheck and could buy the parts you need, when you needed them, versus having to wait till the end of the year.
It takes some financial discipline but I refuse to let the government have a dime of my money if I can help it....especially with the current administration....but that's a whole different matter for a different forum. Just a thought.
I think the biggest question is what is Obama going to do with MY tax money. Getting money back doesn't mean you the IRS is giving you money. It means they are giving you some of your own money back because you gave them too much.
