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| How Your Tax Withholiding Amount Can Cost You Money |
Submitted by:
anonymous 05/20/2008 6:11 PM
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Check your withholdings. If more money is withheld from your paycheck than necessary, you are essentially loaning the government money for no reason and losing out on interest you could be earning on that money in the meantime. Check to see how much you have selected to be withheld and make changes if necessary. A few minutes of time looking into this could mean more money for you in the long run.
I think I read in the Wall Street Journal that the average refund last year was over $2,000. That's a lot of money to be loaning to the government. If you could get a 5% return on that per year, that's $100 in interest you could be earning on that money without doing any work. The Journal article also mentioned going to CompleteTax.com (you have to click on "calculators" under "Tools & Resources"; there's a link there to a federal withholding calculator). |
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