Find a tax professional that you can trust in your area to help you get more of your money in your pocket!
Paying someone to do my taxes was easily one of the dumbest money things I’ve done. I still had to spend just as much time collecting paperwork, explaining it to the CPA, corresponding with them – and I could’ve done as good if not a better job. The more you know about taxes YOURSELF the smarter you’re going to be with them throughout the year. The only thing hiring a CPA did for me was cost nearly $400 and teach me a valuable lesson that this advice is rubbish.
Now, with regards to trying to maintain a even “balance” with the government and not get a refund: just note that if you screw up and end up not paying enough taxes throughout the year the government will charge YOU interest (in the form of a penalty) and it will definitely be ABOVE AND BEYOND what you’d get in interest. I’ll take a small refund over a tax penalty any day.
I have never thought of looking at taxes in this way! One thing for us though, we had a huge loss in our investments back in 2008 in that crazy crash thing, so from that, on our taxes we have a deduction that is up to a certain amount for the next several years, so it makes it where we do have a pretty good refund. Other than that, I don’t know how much of the refund is not related to the investment loss and if that can be tweaked. Thanks so much as I will ask our CPA about this. We have to have a CPA, but it is affordable, as with the loss we take every year from that 2008 investment crash, I am afraid of doing it myself.
So I guess I am just saying, sometimes there is a refund that is the result of a huge investment loss from years past that each year is shown as a deduction if that is the right way to say it.
I would like a better explanation for why to do this?