Get a Personal Financial Check-up.

If you have a refund on the way from the IRS, you let Uncle Sam use your money tax-free. To prevent this from happening again, take the time to evaluate what you are paying in withholding or estimated tax payments. If you find you are paying too much, reduce your withholding by filing a new W-4 form with your employer. Do not expect your employer to know what your tax situation is and come to you. Don't use the IRS as a savings tool. Many people enjoy getting a refund each year. This is the only way to save money that you can be sure and not make anything with your money. Use your refund to pay off credit cards or other debt with high interest rates. If you had used the money you are getting as a refund to pay the credit cards in the first place, you would have saved let's say, $600 last year if you had a card with $3000 on it and your interest rate was 19%. Start paying debts with the highest interest rate first.

While the IRS thanks you for your loan, improve your overall financial health by giving yourself a financial check-up.

These articles provide general information on tax, accounting, and financial topics for small businesses and individuals. They are educational in nature and are not specific legal, accounting, financial, tax, or other professional advice, and should not be relied upon as such. This content was prepared by Service2Client and may have been reviewed or edited by the website owner for accuracy and compliance. Look for a trust mark below for verification details. No representation is made that any approach described will achieve a particular result, and no regulatory or professional body has reviewed or endorsed this content. Because each situation is different, readers should consult a qualified professional about their specific circumstances before acting. Images accompanying these articles are protected by copyright and may not be copied or reused.

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