Am I Getting Money Back?
Tax season for many people is like playing the roulette wheel. They spin the wheel (or take all their papers into the tax office) and hope they come out not owing or better yet with a big fat return. How exciting! But little do they know, it is not how much money they owe or get back at the end of the year that reveals the real picture. How much money did they give the government all year!
Lets say that you pay the government $20K during the year (through your paycheck withholdings) and you get $2K back. Yes, you won the game of getting money back. But.....you gave the government $18K. Now lets say that you pay the government $5K during the year (through your paycheck withholdings) and you owe $2K. You only gave the government $7K. Who is really winning the tax roulette?
Now lets say that you could guestimate how much you were going to make during the year and apply some tax strategies to lower how much you will owe throughout the year.....or maybe even get money back! Now that would be a much better game to play. And then you start choosing what type of money to make (passive vs earned) so you can start changing how your income is taxed.
Don't be a victim of the tax roulette wheel. Learn more about how you can take charge of your income and taxes and really win the tax game!
