Thrifty Thursdays with Alan Akina - Save Money on Taxes

11 May 2011 · 1 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube clip titled "Thrifty Thursdays with Alan Akina - Save Money on Taxes" (created 2011-05-11). It is a short Thrifty Thursday financial-advice segment produced for Wake Up Today featuring Alan Akina and another host. Alan Akina explains that many taxpayers receive large refunds and recommends adjusting employer withholding (mentions changing your W-9 and claims) to increase monthly cash flow to pay down debt, invest, or save for a home.

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Are you paying too much to the IRS every paycheck? Alan Akina helps answer that question.
Good morning, everyone. Here's a Thrifty Thursday quick tip for you. The average tax return refund from the IRS for 2011 is over $3,000. Now you might be saying, chee-hoo! But hold on a minute. What that means is you are now giving the IRS a $250 interest-free loan every month. Now here's what I want you to do. Go to your employer and change your W-9 and adjust the claims to get your return as close to zero as possible. You will be able to use that $250 in new cash flow every month to pay down high-interest debt, invest in your retirement, or save up to buy a home. For Wake Up Today, I'm Alan Akina. See you on Monday. Thank you, Alan.