Are You Getting A Tax Refund?

Are you expecting a tax refund this year? The average tax refund is $2700 this year.

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If you are getting a refund of $2700 or more, perhaps you should adjust your W4 withholdings for 2010 and keep more of your hard earned money. Instead of giving Uncle Sam an interest free loan, you could be giving yourself $50 more a week. Just make changes to your W4 and you are on your way to a self provided raise! You can use the IRS's W4 withholding calculator to do this.

There are reasons to withhold a bit more. If you under pay Uncle Sam, you'll be charged interest and perhaps even a penalty. If you are making estimated quarterly taxes because you are an independent contractor or in similar situations, then perhaps you should withhold a little more so you don't get penalized next year.

So tell us, are you getting or expecting a refund this year?

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