The typical U.S. taxpayer will receive roughly $3,000 in federal income tax refunds this year — an average of $250 per month. So, what would you do with an extra $250 monthly? This segment from NBC’s The Today Show offers some advice. Whether you’ve already filed your annual taxes for 2011, filed an extension, or will squeak by on the deadline, you could probably be doing more with your taxes. The above video shares some tips. It’s four minutes of solid insight on tax refunds, tax withholdings, and reducing your household’s overall “bad debt”. There’s something for everyone.
Among the points covered in the tax refund piece :
- Consider changing your personal payroll exemptions so your 2012 refund is $0
- Remember that refunds are not “free money” — it’s your money. Spend wisely.
- Use your tax refund to fund retirement accounts
Traditionally, federal income taxes must be filed with the IRS on, or before, April 15 each year. The date has become such a part of U.S. culture that many people simply call it “Tax Day”. This year, however, for the 3rd time in 7 years, your federal income taxes will not be due April 15. Instead, because of a combination of the calendar, a holiday, and tax law, Tax Day 2012 is delayed until Tuesday, April 17.
Time is running out to boost to your 2011 federal tax refund. All you have to do is make your January 2012 mortgage payment while it’s still December.
