Let’s talk taxes!! Tax season is in full swing! (We still haven’t sent ours in yet 🙈) quick disclaimer….I am not a tax professional and any content is strictly my own opinions.
People seem to think getting a big return back is the way to go, but it’s actually not.
The government is essentially taking your money interest free and then returning it… when you could have more month to month for your debt free journey, investments, savings, whatever it is.
We have always been big tax return people. Last year we got $11,000 back! 🤯🤯🤯🤯🤯 would I have loved to go to hawaii 🏝 with that money oh yes! But we were right in the middle of our debt free journey…busting our butts to get out of debt so I could quit my job that $11,000 went right to credit cards and finished paying off my husband’s car and OH.MY.GOD was that painful.
We have now adjusted withholdings per our accountant’s recommendations to not get a huge refund and maximize our month to month income for our budget, and I’m excited to see where we end up this year!
As sad as I am about knowing I won’t get some huge refund back…it takes SO much stress off of working with a much tighter budget knowing that we get more from my husband’s paychecks each month.
Dave Ramsey has a great article about taxes below! 👇🏻👇🏻👇🏻
He talks about where you can go to fill out a W-4 if you need to adjust your withholdings moving forward.
If you are getting a big tax return back, make a PLAN!! It’s your money! What will you do with it? Will you use it to really get your debt snowball rolling on your debt free journey? Tell me below! 👇🏻