Tax Season: MoneyNing.com Talks about Saving Money in Coming Year with Bigger Paychecks, Smaller Refunds
Irvine, CA (PRWEB) January 28, 2011
Personal finance blog MoneyNing.com discusses the pros and cons of saving money throughout the year by reducing the amount withheld from each paycheck. The result: larger paychecks and smaller tax refunds. The post Are You Still Getting a Tax Refund? is available at http://moneyning.com/.
With tax season just around the corner, many consumers begin to wonder about the size of their tax refund. Last year, the Internal Revenue Service issued $ 328 billion in tax refunds. According to CNN Money, this amounts to an average of a $ 3,003 refund per taxpayer – a 5% increase from the average refund in 2009.
This increase is partially due to the Homebuyer Tax Credit, the American Opportunity Credit, and the Hope Credit. Unfortunately for some, the increased size of their refund reflected their reduced employment status.
The CNN Money article quoted senior fellow at the Tax Policy Center Roberton Williams as saying, “Withholdings are based on the assumption that you are making the same amount of money the whole year…if people only work part of the year, they typically have more withheld than they even need to pay their taxes.”
MoneyNing.com, a personal finance blog, discusses tax withholdings in its latest post entitled Are You Still Getting a Tax Refund? Considering the pros and cons of decreasing one’s withholdings in order to increase the size of each paycheck, which simultaneously reduces one’s tax refund total, can be tricky.
Miranda Marquit, the posts author, explains, “In the world of personal finance, you often hear that getting a tax refund is actually a bad thing,” and yet, Marquit continues, “As tempting as seeing increases to one’s monthly take home pay might seem, this isn’t always the best option for everyone.”
David Ning created MoneyNing.com, a personal finance blog, to help others understand the principles that are foundational to good money management. These principles include saving money, spending frugally, and investing wisely.
MoneyNing.com has been offering up straightforward, no-nonsense advice for saving money since its launch in 2007. Since then MoneyNing.com has attracted a following of more than 300,000 monthly visitors and the attention of various news syndicates. Posts from his personal finance blog have been featured on the NYTimes.com, Time.com, and USNews.com.
Subscribers of MoneyNing.com receive a copy of David Ning’s eBook How to Save Money on Everything. They also receive a weekly newsletter and are given access to a mini course on frugal living and saving money. Go to http://moneyning.com/announcements/the-free-frugal-email-newsletter/ to subscribe.
Visit MoneyNing.com to read about saving money visit http://moneyning.com/.
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