PODCAST: Why Getting a Large Tax Refund Puts the Joke on You
Podcast: Play in new window | Download (27.0MB)
This is the time of the year where most people will head to their local H&R Block, Jackson Hewitt and Liberty Tax offices to get their income tax return. Some who anticipate a large tax refund and will even pay extra, or a premium, in order to get their money now via an income tax loan. Others will consider a large income tax refund as their forced savings plan, their vacation money or get-me-a-new-flat-screen-TV-now, fund.
Some may even pay-off their Christmas debt. Either way, Uncle Sam loves you for it giving him the opportunity to give you a large federal income tax return. Why? Over the last 12 months, Uncle Sam has been
Do This by Dennis Johnson, CPA
able to use this money to stimulate the American government (notice not economy) at the cost of your own personal financial security and ability to build your own financial independence.
Never thought about your income tax refund at the end of the year, as part of your overall financial plan in this way?
Would you like to put your own money in your own pocket throughout the rest of this new year, for a change? Time to rethink things? I hope so! Imagine what you could do by savings and investing an additional $100-500/mth that was otherwise OVERPAYING Uncle Sam in federal income taxes, from your paycheck, throughout the year? How would you feel if you took control of this opportunity, rather than the government?
You can either have your OWN plan or the government plan…your choice!
As part of this financial talk radio show and podcast, we will also have Dennis Johnson, Certified Public Accountant (CPA). He deals with this issue, of intaxification (yes – this is a slang word). Around this time every year he has helped educate his tax preparation and accounting clients on how to have a better financial plan, as it relates to their income tax refund, throughout the year.
Dennis also wrote the book, “Do This: Simple Actions To Eliminate Debt and Create Wealth”. He was also on our show last year among with other great financial experts!
Do you find yourself with a large income tax refund at the end of every year? How have you used this in the past? Would you like to know HOW to redirect this extra money you’ve been sending to Uncle Sam to your own tax-free retirement plan?
Plus, we’d love to hear your comments by posting them below. We will read them on the next radio show and podcast so we can all learn together…you’re not alone!
If I do end up reading your comments on-air or during a podcast, please make sure you leave us your website and/or email so we can send you a gift or refer to you to a Money Smart Coach in your area.
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This post was mentioned on Twitter by GregWHoward: From my new friend @MatthewSapaula “Why a Large Tax Refund is a Joke On You” http://bit.ly/cFKkVs #tcot #ocra #sgp #tlot #finance…