"Old age adds to the respect due to virtue, but it takes nothing from the contempt inspired by vice; it whitens only the hair."Ira Gershwin
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A Guide to Investing in Real Estate
With all of the investment opportunities available these days, it can sometimes be difficult to decide which one is right for you and your money. If you find yourself trying to make a decision about where your money should be invested, you might want to ...
Bookkeeping Scares Me!
Does the thought of bookkeeping scare you? Do you dread sitting down at your computer and entering all your receipts, deposits, and making sure everything is documented right for taxes? Never fear, there is a new, more affordable solution to having your ...
Procrastination Emancipation
It's early January as I sit down to research and write this newsletter. I launch my web browser, surf over to MSN.com, surprised to find the feature article displaying a picture of Santa Claus with the caption "It's not too late to have your presents ...
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Copyright 2006 Steve Hoven
Tax time is just around the corner. Are you getting a big refund this year? Well if you are, you are THROWING AWAY BIG MONEY!
CHANGE YOUR EXEMPTIONS ON YOUR W-4.
This is not the number of your dependents but the number of your exemptions!
If you are getting a BIG tax refund every year, you may love getting that check; however, you are actually giving the Government your money interest- free for a year. This is not a wise use of money .
The IRS stated, back in 2004, that the Average tax refund check was almost $2,300!!! That is almost $200 per month ($200 X 12 Months) that is given to the IRS INTEREST FREE!!! If you are getting a tax refund check of more than $300, you need to consider changing your exemptions. Feel free to send me any of your extra money. I will keep it for you until next year and NOT pay you any interest.
For example, if you got a $600 Tax refund last year (or plan on getting one this year), that is $50 a month extra in taxes that you paid last year. You earned no interest on it. If you want to, you can send me that $50 and I will keep it for you and a year from now send you the $50 back. That $50 could save you $100's of dollars in interest NOT paid if you applied it to your Mortgage.
Consider a person who has a 30 year mortgage on a $150,000 mortgage x 6%. If he or she made just 1 extra payment of $300, they would save over $1,400 in interest! Talk about return on their money!! That $300 could easily be paid by saving $50 a month for 6 months. $300 payments vs. $1,400 OF NOT HAVING TO PAY IN FUTURE INTEREST. THAT IS OVER 460% RETURN ON YOUR MONEY!!! It is hard to find a better return than that.
Change your Exemptions at your job. Exemptions and Dependents are NOT THE SAME THING! The same person who is getting a $600 tax refund is earning No interest from the Government. However, he or she could save $2-3,000 in interest on that same money!! This is how the middle class person gets AHEAD by USING HIS/HER MONEY CORRECTLY.
Try and make it so your tax refund is not more than a couple hundred dollars at the most.
About the author:
Steve Hoven, has many years of experience in personal finance. He has started a Newsletter on finance and is offering the 1st issue FREE. Check it out at http://www.biz4christians.com
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Italy PM Monti defends tax authorities as protests mountReutersROME (Reuters) - Italian Prime Minister Mario Monti faced protests and catcalls on Saturday as he defended tax authorities against attacks fuelled by his government's unpopular austerity measures. Monti's speech to a passing-out parade of new officers ... |
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