It’s that time of the year where some people are paying their taxes and others get a nice refund check. Which category do you belong in and is it right for you? Benjamin Franklin had the famous quote, “but in this world nothing can be said to be certain, except death and taxes.” Even in biblical day taxes were a part of life. Jesus said, “So give back to Caesar what is Caesar’s, and to God what is God’s.” Matthew 22:21 (NIV).
No one wants to owe money to the IRS at this time of the year. If you do owe, you should be talking to your payroll department about having your deductions changed so at the end of the year you don’t owe. But what if you get a refund? Is that good or bad? The answer depends on your situation.
If you are just scaping by every month or living off credit cards, then you need more monthly income. Adjust your deductions and use that money. After all, the IRS is not paying you any interest on it and you have to wait a year to get it back when it would be benefiting you now.
Are you a person that is paying your bills on time but you spend every penny because money burns a hole in your pocket? Then this would be a good savings plan for you. Granted you don’t make any interest and can only access the money once a year, but if you can’t or won’t save money than this is an option for you.
The bottom line is find what works best for you, not what is best for the IRS.
For those of you not familiar with Women With Gifts. We are a 501 (c)3 non-profit organization designed to assist women in need. We want to let you know that not one penny of your donation goes to staff. We are an all-volunteer organization and 100% of your money goes directly to assisting women. We have handed out coats in the winter, blankets to nursing homes, and this summer are looking to assist women with electricity bills. Go to http://www.WomenWithGifts.org and donate today. Even a small amount goes a long way.
Check back next week for more information and tips.
Women with gifts is a non-profit 501 (C)3 organization dedicated to assisting single moms and their children. Our website WomenWithGifts.org has information from missing women, to recipes, to inspirations. Donations can be made directly through that website or mailed to our PO Box. Our organization does not call to solicit funds, nor will you be getting direct mail asking for donations.