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How To Get An Instant Pay Raise

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!

Leo J. Quinn, Jr. owner of http://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/adt rack.asp?AdID=132551

In The News:

How to correct mistakes made at the time of paying income tax Economic TimesAt the time of filing income tax return (ITR), if there is any income tax payable pending, then you are required to pay it before completing the process of ITR filing.

The new tax plan |India Today Insight India TodayThe Modi government considers a Donald Trump-style overhaul of India's direct taxes to increase compliance and reduce 'tax terror'.

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Got an income tax notice? Now you can check if it is real or not Economic TimesYou can now check if the income tax notice or order that you have received is genuine or not. The income tax department has launched a facility on its e-filing ...

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Only startups with turnover of up to ₹25 cr eligible for tax holiday: CBDT The HinduIt did not recognise the ₹100-crore turnover definition of a small startup put up by the Department for Promotion of Industry and Internal Trade.

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Larry Kudlow says there could be a tax cut before Election Day CNBCTop White House economic advisor Larry Kudlow said Thursday that President Donald Trump could put forward a tax cut before the 2020 presidential election.

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Scott Walker calls for more tax cuts to spur economic growth Fox NewsFormer governor of Wisconsin Scott Walker called for additional tax cuts to spur economic growth, saying the recent cuts “continue to be good but you can do ...

IMF questions India's tax revenue esimates: Report MoneycontrolThe International Monetary Fund (IMF) has raised doubts over India's steep tax revenue collection estimates for 2019-20, according to a report in Business ...

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Capital gains: For FPIs, new SEBI norm is a tax-free ‘gift’ BusinessLineRegulator lets them invest from Gujarat Gift city, which enjoys a 10-year tax holiday.

Donald Trump considers tax cuts to stimulate economy Financial TimesDonald Trump, the US president, said he was exploring a range of options for new tax cuts to stimulate the economy, revealing the administration's fears of a ...

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GST 2.0: Simplified tax system on anvil, says FM MoneycontrolFinance Minister Nirmala Sitharaman said that the GST refund process will also be made seamless.

Angel tax was figment of people’s imagination: Piyush Goyal Economic TimesHe stated that the finance minister Nirmala Sitharaman had categorically clarified that there will be no harassment whatsoever.

Amazon is under scrutiny for not paying federal income taxes. Here's how it got its tax burden down to less than $0. Business InsiderAmazon recorded a net federal tax credit for 2017 and 2018 and the company has paid a low tax rate for years. Here's how it did it.

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IRS begins tax clampdown on unreported cryptocurrency profits ZDNetIf you've been trading but not declaring, the tax *service* might be on your case.

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You might need to maintain tax returns records for seven years LivemintIn today's digital age, income tax records can be maintained at little or no expense for long periods of time in a digital format. However, it is important to know the ...

Tax terrorism: Embedded in laws & practice Business StandardRead more about Tax terrorism: Embedded in laws & practice on Business Standard. Blaming tax officials will not help us get to the root of the issue.

Income Tax raids on Oberoi Realty group, its vendor Capacit’e Infraprojects Economic TimesMUMBAI: The Income Tax (I-T) Department on Tuesday carried out searches at Oberoi Realty group and its biggest vendor Capacit'e Infraprojects for suspicious ...

South Ogden leaders forego proposed tax hike, 2020 budget to hold steady Standard-ExaminerSOUTH OGDEN — Taxes don't always go up. South Ogden officials, in fact, have opted not to implement a proposed property tax hike for 2020. Instead, the rate ...

Lightfoot looks to Springfield for more taxing power on high-end services, home sales Illinois PolicyChicago's mayor wants permission from Springfield to impose a new tax on high-end professional services and raise taxes on pricier home sales, as the city ...

Trump's banks won't tell court if they have his tax returns CNNLawyers for Deutsche Bank and Capital One repeatedly refused Friday to tell an appellate court in New York whether the banks are in possession of President ...

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Make America Even Greater: Index the Capital-Gains Tax National ReviewPresident Donald J. Trump set free-marketeers' pulses racing on Tuesday when he spoke warmly about ending the inflation tax on capital gains. He told ...

Tax revenue shortfall forces Woodlands County to scrap all non-essential spending CBC.caWoodlands County is scrapping all non-essential spending because of a $9.5-million shortfall in tax revenue.

Added Import Taxes in USA will Only Help Samsung, Tim Cook tells Donald Trump News18US President Donald Trump has praised Apple CEO Tim Cook for "making a good case" that tariffs on China will help Samsung gain more as it is based in South ...

Do I have to pay capital gains tax if I switch between schemes of same mutual fund? Economic Times"The switching of schemes would be considered as redemption or sale of units of one scheme and purchase of units of the other scheme."

France says ‘crazy’ that Apple and others get ‘permanent tax haven status’ 9to5MacFrench President Emmanuel Macron has defended France's decision to impose a 3% tax on the local revenues of Google, Apple, Facebook, and Amazon.

Do I have to pay tax for the capital gains earned by my homemaker wife? Economic TimesMy wife is a homemaker and she has invested Rs 40,000 of her savings in stocks. If she sells these stocks and earns short-term capital gains, will I have to pay ...

Fiat, Starbucks Next Up for EU Court Rulings on Tax Bills BloombergEuropean Union judges will rule next month on appeals by Fiat Chrysler Automobiles NV and Starbucks Corp. against decisions ordering them to pay allegedly ...

Opinion | Let the system tell you your capital gains tax LivemintA government plan to pre-fill income tax return forms online with details of your capital gains could ease your compliance burden. In time, its coverage could ...

'Volatile' taxes and over-spending a risk to economy, warns watchdog Independent.ieThe State's reliance on "volatile and unexpected" windfall corporation tax revenues and "weak" management of spending on major projects pose a significant ...

House Democrats say whistleblower bolsters case for getting Trump's tax returns POLITICOA whistleblower recently made “credible allegations” to the Ways and Means Committee of potentially wrongful interference with the IRS' presidential audit ...

No country for old men? Poland scraps income tax for youngsters CNNA new law that comes into effect next week will scrap income tax for roughly 2 million young workers in Poland.

Under Budget Pressure, Metro Council Approves Property Tax Hike And Property Dispute Settlement 89.3 WFPL News LouisvilleAs Louisville faces more budget pressures, costs to taxpayers are likely to go up. Some Metro Council members are calling for more oversight.

FMCG companies seek tax relief on dealer discounts to lift sales Economic TimesFMCG industry has petitioned to remove GST on amount received by dealers as reimbursement against discounts.

How To Get An Instant Pay Raise

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