Beginning Real Estate Investors — Stop Lookin’ Forward To April’s IRS Refund
Posted @ 9:39 pm - Filed under Cool Info, Purposeful Planning, Retirement, Depreciation, Tax Shelter, IRS
Warning: The pictures adorning this post are absolutely not related to the subject at hand. Thought you’d wanna know.
It’s amazing how certain subjects come up several times in a week after not comin’ up for months. It’s been happenin’ this week. The subject you’ve chosen is IRS refunds and why they’re way uncool.
If yer ecstatic about the $4,600 refund comin’ yer way next April, let me add another option.
Go to your employer and let them know you need to increase the exemptions on your W-4 form. Most folks, especially those without kids, take 0-2 exemptions, then await with unbridled anticipation for their April 15th ‘gift’ from the IRS. First, it’s the furthest thing from a gift they’ll ever receive, as it’s their money, handed back to them, after being held by the government at 0% interest. Kinda lends new meaning to re-gifting, doesn’t it?
Anyway, tell whoever’s in charge of payroll at work that you need to increase the number of exemptions you’re claiming. This will lower your refund amount while adding to your take home pay each pay period.
This is especially applicable when it comes to the tax shelter provided by the depreciation taken on your investment properties. If, for example, you have the maximum allowed for use against ordinary income (job income), your take home pay will zoom off the charts. Nothin’ like a extra $5-700 monthly to keep you smilin’ at work.
If you have the write-off, tax shelter, whatever ya wanna call it, use it. It’s your money. Waitin’ ’till April each year so you can be happy to get your own money in the mail, makes no sense from where I’m standin’. I’m just sayin’…
Watch yerself here, totally neck wrenching segue comin’. Guy named Warren Buffett wrote a $5 Billion check today for a sizable position in Goldman Sachs. Seems this Buffett guy doesn’t think we’re all gonna die either. Wonder if he’s seen the movie before too. Ya think?
OK, so since I just saved you a bunch of yer own hard earned cash, (and we’re not all gonna die) let’s talk about makin’ it grow too. Contact me, and we’ll get you started down the Purposeful Plan road to the retirement for which you work so hard. Have a good one.
This entry was posted on Tuesday, September 23rd, 2008 at 9:39 pm and is filed under Cool Info, Purposeful Planning, Retirement, Depreciation, Tax Shelter, IRS. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.