Billy Florence - Americans Go Online At Tax Time
Americans are online at tax time. When it comes time to file, one-half of consumers will be logging onto their computers and filing their taxes online. In addition, one in three will be using computer software to prepare their taxes. According to the IRS Commissioner, the home computer is increasingly replacing the paper tax form. All e-measures edge upward; more taxpayers are using credit cards for IRS payment and choosing electronic deposit for their refund.
Tax payers are filing early to get their “bucks back.” According to a recent study,
nearly two-thirds of consumers filed their income taxes in January and February. One in five plan to file in March. Fifteen percent will join the ranks plan to wait until April to file their taxes.
Nearly seven out of ten taxpayers are expecting to receive a tax refund this year. What are America’s plans when Uncle Sam returns some of their own money back to them? Dumping some debt is the number one priority. Nearly half are planning to pay down some of their debt. It may be a challenge as stores gear up to get their dollars and dimes by launching a new round of promotions and sales. One third plan to put some of their refund in savings and one in four will direct the refund toward their everyday expenses (groceries, rent, car payment).
Financial Options: Most of us treat a tax refund check as a gift from the government. It isn't. it represents our gift to the government.
The IRS takes a good chunk of your paycheck, and holds it until tax time the following year. If the government gives money back, it's because you gave the IRS an interest-free loan for a year. Taxpayers give an extra $220 billion to the government every year, about $2,200 per refund on average, according to the IRS. Just think of the interest that cash could generate in a high rate online savings account, a CD, or the stock market.
This approach does require planning in advance and having access to cash if your financial situation changes and you owe the government money at tax time.
Take the time to educate yourself about the potential risks and rewards of accepting more responsibility for your own money.
© 2007 Florence News reprint permission to Billy Florence Team Dream Chasers site.
Tax payers are filing early to get their “bucks back.” According to a recent study,
nearly two-thirds of consumers filed their income taxes in January and February. One in five plan to file in March. Fifteen percent will join the ranks plan to wait until April to file their taxes.
Nearly seven out of ten taxpayers are expecting to receive a tax refund this year. What are America’s plans when Uncle Sam returns some of their own money back to them? Dumping some debt is the number one priority. Nearly half are planning to pay down some of their debt. It may be a challenge as stores gear up to get their dollars and dimes by launching a new round of promotions and sales. One third plan to put some of their refund in savings and one in four will direct the refund toward their everyday expenses (groceries, rent, car payment).
Financial Options: Most of us treat a tax refund check as a gift from the government. It isn't. it represents our gift to the government.
The IRS takes a good chunk of your paycheck, and holds it until tax time the following year. If the government gives money back, it's because you gave the IRS an interest-free loan for a year. Taxpayers give an extra $220 billion to the government every year, about $2,200 per refund on average, according to the IRS. Just think of the interest that cash could generate in a high rate online savings account, a CD, or the stock market.
This approach does require planning in advance and having access to cash if your financial situation changes and you owe the government money at tax time.
Take the time to educate yourself about the potential risks and rewards of accepting more responsibility for your own money.
© 2007 Florence News reprint permission to Billy Florence Team Dream Chasers site.
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posted by Billy Florence at
11:09 AM
