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An Introduction to Incorporating in Florida
Starting a business? Relocating your corporation’s headquarters? The state of Florida is ripe with business opportunity. The Governor of Florida, Jeb Bush, recently proclaimed that Florida ""is a story of a robust economy, of technology innovation,...
How to avoid getting disastrously dot-conned online.
...It is estimated that citizens in the U.S. alone are losing as much as $1,000,000 DAILY to Nigerian scammers! As someone doing your business on the Internet, this article will show you how to stay protected online from the newer variations...
Keeping Your Own Money – NOT Handing It Over To The Taxman.
Most people trying to make a crust online (or offline for that matter) are so focused on doing just that, they ignore taking simple steps to ensure that they hang on to just as much of it as they can. Instead, they hand over large lumps of their...
PR: Am I Getting a Good Deal?
Please feel free to publish this article and resource box in your ezine, newsletter, offline publication or website. A copy would be appreciated at bobkelly@TNI.net. Word count is 1090 including guidelines and resource box. Robert A. Kelly ©...
What's Your Credit Score? (and what does it mean?)
Anyone applying for a mortgage will probably hear the term "credit score" mentioned at least once, and you'll ask "What's my credit score?" Depending on where you live, you may or may not get a straight answer. Some lenders or credit companies may...
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How To Get An Instant Pay Raise
As a gentleman was leaving my class recently, he wanted me to clarify something I had said. He was making sure that he should take his four or five thousand dollar tax refund and pay off debt.
I was stunned. This money represented $400-$500 that could have been in his pocket every month. A survey of my friends this week revealed one who was getting back $2800 and one getting $3300 back this year.
Getting a large tax refund (over $500) means you are having too much money withheld from your check every pay period.
Many people use this as a forced saving plan and it does not make any sense. You are loaning the government YOUR money, interest free. Every $1200 in refund is an extra $100 per month you could have used to eliminate debt or invest for your future.
I 'd venture to say that most people who do get large refunds could use this money every month to ease their debt burden. This burden frequently leads to late charges and higher interest rates. Instead, they like the feeling of getting that big check in the mail and figuring out how to spend that chunk of money.
The ideal situation is to either owe or get back $100.
If you get a big tax refund then you should adjust your
allowances. The more allowances you claim, the less money is withheld from your check for taxes. It generally does not matter how many allowances you claim. If the government gets it's money they really don't care how many allowances you claim.
Here is how to get it right. Take the time to complete the appropriate worksheets included on Form W-4. The worksheets will help you determine your withholding allowances based on your income, adjustments, deductions, exemptions and tax credits. The worksheets can help you figure the right amount so you don't have too little withheld.
The IRS now has a calculator on their website which you can now access anytime at: http://www.irs.gov/individuals/article/0,,id=96196,00.html
If you need help ask your payroll administrator at work or an accountant.
Keep your money working for YOU!
About the Author
Leo J. Quinn, Jr. owner of www.LeoQuinn.com is a financial educator from the Albany, NY area. For over eight years he has been helping thousands of people get control of their finances and get out of debt in a fraction of the normal time. He has a special offer for readers of this newsletter at http://www.1shoppingcart.com/app/adtrack.asp?AdID=132551
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