Wednesday, April 14, 2010

Tax Time Continued...

So a few days back I posted my suggestions on what to do with your refund from Uncle Sam. I just want to add two disclaimers.
  1. A hefty tax return is not the goal. What it really means is that you just gave Uncle Sam an interest free loan for a year. Now that the stress of filing taxes are over with it may be a good time to evaluate your return and look to next year. If you received a large return I would suggest that you revisit your W-4 form to increase your dependents or decrease your withholding's.
  2. The three suggestions may have to go by the way side if you are digging yourself out of debt. If that is the case you can still buy yourself something only now you should only spend around 10-20% of your return. You still need to give, and I suggest 10%. Finally you have 70-80% left that I suggest you use to pay down debts and build an emergency fund.

Now hurry and get your taxes done - They're due out tomorrow!

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