“Refund.” Just the word seems to brighten a day. Few phrases inspire as much pleasure as, “tax refund.” Many people can’t wait for that big refund come tax time. While it may be enticing to anticipate what one would buy with the money, it would be better to remember that a refund is essentially a mistake by the government: they took too much in taxes, and now they have to give it back. The government actually agrees that you should keep as much of your money as you can, though it may not seem like it at times.
While one big expenditure on a new amusement seems fun and helps the economy, it might be better if you still kept more of your own money each month, on account of a proper amount of tax withholdings. Steady, regular activity helps the economy as well. And no one can care for your loved ones like you can.
Saving and planning for the future may not be the most glamorous thing you can think of, but it may be the best thing to do.
If you need help in tax planning or preparation, Burkhalter & Burkhalter are experienced Tennessee tax attorneys ready to help. We’ve been helping people since 1999. Call today for a free consultation.