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Contributed by mm | October 14, 2006 7:56 PM PST
You don't have to extend an interest-free loan to the government. By carefully deciding the number of withholding allowance you claim on the W-4 form, you can get your next year's tax fund now today to help your cashflow.
From MSN Money:
Signing the W-4 the first time doesn't lock you into one set of allowances forever. In fact, federal law requires your employer to let you change your allowances at any time.
...
The advantages of reducing your withholdings can be significant. If you're single and earn $20,000 a year, one additional allowance that you claim reduces the withholding taken from your salary by about $40 a month. That adds up to $468 a year. With five additional withholding allowances, you have an additional $2,300 every year in your pocket.
Understand that reducing your withholdings does NOT reduce the tax you have to pay on April 15. (Or more correctly for the 2006 tax return you will file in 2007 -- April 17.) What it does do is put more money in your pocket now, rather than later in the form of a big refund.
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Enjoy the latest personal finance news and commentary at PFBlog Network.
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How Long It Takes To Receive Tax Refund (October 14, 2006)
This is why you'd better choose to file your tax return electronically if you are entitled to a tax refund: you can get your money much sooner.
How To Amend Your Tax Return (October 14, 2006)
It is probably working to your advantage to timely amend your tax return even if it means you have to pay more tax than your original filing is for. Here is IRS's tips about amending your tax return.
Top Tax Saving Tools (October 10, 2006)
Bankrate's "10 ways Uncle Sam helps you save money" is a good summary of top tax-saving vehicles. If you are new to active tax management, it is definite a worthy read.
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