Guys,
YOU FILE A TAX RETURN. You don't get back a tax return(unless you paper file and send it to the wrong IRS center). Haha. I think the word you are looking for is tax refund*
I would also not paper file. If you are expecting a refund make sure to e-file, and you can get your state refund back within days and the fed refund a little while after that. Paper filing can take up to two months to get a check mailed to you, and is a SLOWLANE way to get your refund.
Also, what you withhold each paycheck is a matter of preference. You can make the argument either way. I personally like getting a refund this time a year while others will argue that money in their pocket now(more withholdings on each pay check)instead of giving it to the government to hold interest free doesn't make sense, and they would rather pay the taxes later and do more with the money now.
Tax planning is crucial for fastlaners. I have buddies that call me all the time frantically because they don't have money to pay the taxes on their earnings from their internet biz. Some of them balled out* for the year on frivolous expenses(Luxury autos(no lambos yet MJ), exotic vacations, jewelry, you name it), and didn't come to grips with the fact they would have to pay taxes on their baller money they just made throughout the year.
Don't live day to day people. Realize the tax impact of how you are spending your money. Can I deduct this as a business expense on my tax return, or as an itemized deduction? If not, is it worth buying? Ask yourself these types of questions.
The tax man is coming.... Are you prepared?
YOU FILE A TAX RETURN. You don't get back a tax return(unless you paper file and send it to the wrong IRS center). Haha. I think the word you are looking for is tax refund*
I would also not paper file. If you are expecting a refund make sure to e-file, and you can get your state refund back within days and the fed refund a little while after that. Paper filing can take up to two months to get a check mailed to you, and is a SLOWLANE way to get your refund.
Also, what you withhold each paycheck is a matter of preference. You can make the argument either way. I personally like getting a refund this time a year while others will argue that money in their pocket now(more withholdings on each pay check)instead of giving it to the government to hold interest free doesn't make sense, and they would rather pay the taxes later and do more with the money now.
Tax planning is crucial for fastlaners. I have buddies that call me all the time frantically because they don't have money to pay the taxes on their earnings from their internet biz. Some of them balled out* for the year on frivolous expenses(Luxury autos(no lambos yet MJ), exotic vacations, jewelry, you name it), and didn't come to grips with the fact they would have to pay taxes on their baller money they just made throughout the year.
Don't live day to day people. Realize the tax impact of how you are spending your money. Can I deduct this as a business expense on my tax return, or as an itemized deduction? If not, is it worth buying? Ask yourself these types of questions.
The tax man is coming.... Are you prepared?
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