Do you rejoice every tax season when you receive your tax refund from Uncle Sam's interest free loan on your money? Well, STOP THE INSANITY!!!

A lot of my friends would always celebrate when its tax refund time. I used to break out in a hallelujah with them. Only until after years of working did I realize that my refund was actually money that I could have been getting all along everytime the massah broke out the check book. I was essentially giving the Federal government a interest free loan. Every March when I got my refund I never got paid for the interest that would accrue from the money that was sitting in their banks from the time I filed my 1040 till the next. They banked that interest on their books, not mine. So, I decided to adjust my take home pay to reflect the future refund I would get next tax season. As a result, I now longer could rejoice with a new Coach bag with my friends on refund day, I had to celebrate by adding extra money to my savings account 26 times during the year for the extra dough I got in my paycheck.

Well, to make a long story short, here's some tips on how you too can get the money you've earned on payday, not tax refund day. It all boils down to deductions. When you first start at a job, you always fill out the e W-4. You usually count a deduction for yourself and each dependant. Well, if you didn't know, you can take out more than that. Here are some that you probably didn't know about.

* The family.
* Tax credits.
* Business expenses.
* Estimated business losses.
* IRA contributions.
* Itemized deductions and alimony.

Of course there are stipulations for every case. Please consult a tax advisor if you are in a complex tax structure or especially if you owe your Uncle some back taxes. Adjusting your taxes withheld could spell trouble, but for most of us joe blows, taking additional deductions would stop Uncle from pocketing extra moolah at our expense.

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Labels: finance