It’s time to adjust your tax exemptions

A friend of mine boasted that the person received a tax refund of over two thousand dollars.  I was happy for her but reminded her that that is actually not a good thing.  She got the “refund” check because throughout the year, she had paid the government more taxes than she should.  She basically loaned the government money and did not get any interest for it!

So, do yourself a favor, check your W-4 form and see if you can increase the tax exemption.  Here is a nifty little tool for you. In some cases, it could increase your monthly take-home by $300. At least that’s how much more my friend got after she did what I advised her to do.

 

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