In our words: Tax return strategies and President Trump’s dangerous rhetoric
THE ISSUE
With tax season now in full swing, the
“Your goal is to get a zero refund at the end of the year.” That quote stood out to us in Hawkes’ story. It’s from
Certainly, some have philosophical differences when it comes to tax strategies. Some love that big refund check in the spring. But we think the better strategy, and Taraborelli agrees, is ... well, we’ll let her explain it fully:
“I don’t like to give the government any more free money than they already get. Your goal is to get a zero refund at the end of the year. That way you get your money to spend through the year as you wish, and don’t give the government an interest-free loan.”
The Tax Cuts and Jobs Act of 2017, signed by President
But there’s a catch with that. Depending on how withholdings were adjusted following the tax overhaul, some workers got their tax cut a little bit at a time, in the form of slightly higher paychecks throughout 2018.
So the tax cut hasn’t necessarily shown up as a “bonus” this winter for the first wave of tax filers.
“And that can be painful for those who had plans for the hundreds of extra dollars they were expecting in their refund,” Hawkes wrote.
Painful, for sure. But we don’t think it should be a surprise.
This may
Some count on their tax refunds for home repairs or upgrades, for major purchases, for a little vacation or, more crucially, for paying off debt or property taxes.
“The truth is, many Americans have come to rely on refunds,” wrote The Associated Press’
We get it. But it’s such a risky proposition. Especially when counting on an annual windfall while navigating byzantine and ever-changing tax laws.
We recommend the less risky, conservative approach.
To get closer to that zero owed/zero refund scenario that provides the most money throughout the year and lessens (a little bit, anyway) stress during tax season, talk to a tax accountant or Google “how to get zero tax refund.” There are plenty of reputable online articles and calculators offering solid advice.
And now is the time to do it for next year’s taxes, before too many 2019 paydays — with potentially incorrect withholdings — come and go.
Writing this month on Investopedia,
A little bit of planning can make your finances a lot better.
Go for that zero.
Not the enemy
If the president of
On Sunday,
On Wednesday, Trump tweeted “The Press has never been more dishonest than it is today. Stories are written that have absolutely no basis in fact.” And in another tweet he called
The president’s statements are untrue, make life more dangerous for journalists and represent a serious threat to our democracy, in which a free press — guaranteed in the First Amendment — is an indispensable component.
And then there were the poignant words this week of
And there are “bad actors” out there. A
These are dangerous times. We implore
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