Tax Day #ProTip: How to get bonus money from your income tax

#ProTip: Since it is Tax Day, today’s tip will feature how to get bonus money on your taxes. Many people take the tactic of paying in a little extra from each paycheck so they get a nice refund. Do not do this!
THIS IS A BAD, BAD IDEA!!!

This is like giving the government an interesst free loan with your money! Why would you do that??? Pay attention, this is a little complex, but I am going to tell you how to get “free money” from the government, but it does take some work.

Instead of paying in extra, you should pay in as little as you can throughout the year.
* Take as many deductions as you can off your salary, so that you pay in less each month. Get it as low as possible.
* Then, you take that extra money and put it in an interest bearing account. Call it “tax-account”.
* Do not cheat! You have to take that extra tax-money each month/week and put it into the account.
* When taxes are due, take what you owe out of your tax-account and pay that.
* Then you have the extra interest left-over! It is like you are getting money for free!!! Basically, what happened is that the government gave you an interest-free loan and you invested that and get to keep the interest.

If you want to have more left over, just put in a little extra than you would owe each month, just like you have been doing for the government.

Let me give you an example. Say that you normally owe $10,000 in taxes. Usually, you pay in $12,000 from your salary, $1000 per month, so you get $2000 back at the end of the year.

Do it my way. Instead of giving that $1,000 per month to the government, only pay in $500 per month (for a total of $6000). Take that other $500 and put it into an interest bearing account. Say you make $300 in interest throughout the year. Then, at the end of the year, you have $6300 in the account. You pay the other $4000 to the IRS (total of $10,000). You end up with $2300, instead of $2000! It’s like a free $300 and all it takes is a little effort and discipline on your part.

The more you can keep from your monthly pay-in, the more interest you can make. Just make sure you do not snitch from your tax-account throughout the year! With your extra $$$ you can buy me a drink as a thank you.

Social Post April 15, 2014 at 01:10AM

Life Is Art / Soul Of Miami sticker. With or without logo?
Life Is Art, Inc via Facebook

Social Post April 13, 2014 at 08:58PM

ZOMG, I just SO don’t feel like f**king working, but I have so much f**king work to do. And I am really freaking pissed off about it. Been in a bad mood for days, so I apologize if I snapped at anyone. #oversharing. via Facebook

Social Post April 13, 2014 at 02:12PM

The question is, which will come first, will I win or will I quit? Because I certainly can’t keep doing it this way forever. via Facebook

Social Post April 09, 2014 at 11:30PM

So, here is an interesting tidbit that I bet most of you did not know. Dark roast #coffee is actually LOWER in caffeine than light roast. Did you know that? You can learn more fun #coffee facts when you come talk to our sponsor Mad Chiller this Friday at Bakehouse Art Complex 7pm-10pm. via Facebook

Social Post April 09, 2014 at 01:28PM

So far as I know, we have Wynwood BLOCK, Wynwood Central and 250 Wynwood condos moving into #Wynwood. Does anyone know of any others? via Facebook

Social Post April 09, 2014 at 01:15PM

I gotta say, right at this moment, I feel loved! Thanks guys! (You know who you are.) via Facebook

Social Post April 08, 2014 at 04:18PM

Ooooh, everybody wants to help with spending the money! Where are the people when it comes to raising it? via Facebook

Social Post April 08, 2014 at 03:30PM

#Music #Poll: Favorite live bands in Miami! GO! via Facebook

Social Post April 08, 2014 at 11:45AM

I need a notary in Brickell right now. Is anyone nearby that is one or knows one? via Facebook