Finance Globe

U.S. financial and economic topics from several finance writers.

Update Your W-4 to Reflect Your Actual Tax Bill

W-4 forms should be updated when your tax situation changes.When you were hired at your current job, your employer had you fill out a W-4 form. This form helps the employer take the right amount of taxes out of each paycheck, based on your current filing status and number of personal allowances. It's important to fill this form out as accurately as possible. If too little is taken out for taxes, you could be hit with...
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Choose the Correct Filing Status

Be sure to use the correct filing status when you file your income tax return; choosing the wrong filing status can cost you. If you fail to utilize a filing status that can lower your tax bill, you may end up paying a lot more than your fair share of the tax burden. If you intentionally or mistakenly use a beneficial filing status that you don't qualify for, an audit by the IRS can ensure that...
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Say "No" to the Tax Refund Anticipation Loan

With tax season around the corner, many Americans are anticipating an income tax refund. Some are so anxious about their refund that they are willing to take out an exorbitant loan at a cost equivalent to the APR of up to 300%, and higher. The loan will only get the money in their hands a couple of weeks sooner, but millions of taxpayers a year are somehow convinced that it is necessary to pay a huge...
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A Big Tax Refund is Equal to Losing Money

Overpaying your taxes all year long to get a tax refund the next year is a terrible way to save money. Do you really want the government to be in charge of your savings plan? Intentionally overpaying your taxes literally takes money out of your pocket, and out of your control.Some people like to get a big tax refund because they think they don't miss the money that was withheld from each paycheck since they never...
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Make Good Use of Your Income Tax Refund

What should you do with your tax refund?Anyone who anticipates a big tax refund usually starts the year daydreaming about what they are going to do with all that money. Why not start the year off right, and put that money to good use? It's easy to spend that big chunk of cash like it was a gift from the government if you don't make plans for the money before you receive your tax refund.First of...
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