When you get your return, do you take a minute to look it over? If you don't, you should. This is the ideal time to analyze your financial situation and your tax returns can have some helpful information.
- When comparing your income from year to year, is it growing or staying steady?
- Use your year-end statements to track your return on investments, the balance of your mortgage and the contributions to your retirement plan.
- Are you withholding too much? A large tax refund is always nice, but receiving the money in your paycheck might be better for your budget.
- On the other side, no one wants to pay a large balance every year. Are quarterly estimates needed to avoid a large due balance?
This article originally appeared in Modern Memorialization, Trigard Memorials' weekly electronic newsletter featuring information for the funeral industry. Sign up for your free subscription at http://www.trigard.com/thursdays.