Home » Financial Literacy Month » Financial Literacy Month 2015: The Case For Reducing Your Tax Refund

Financial Literacy Month 2015: The Case For Reducing Your Tax Refund

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Donell Edwards, Blogger

DONED2014 SmallAbout Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.

 

To book Mr. Edwards to speak at your next event, contact:
Donell Edwards Enterprises
13111 W. Markham St.
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Little Rock, AR 72211
DLEdwards@DonellEdwardsEnterprises.com

 

We’re Celebrating Financial Literacy Month

 

Know Your Money
Wednesday – April 22, 2015

Financial Literacy Month 2015
The Case For Reducing Your Tax Refund
By Donell Edwards

In her article for MarketWatch, Tax Columnist Eva Rosenberg makes a very strong case for individuals to reduce their tax refund.  We have taken this position in this blog from our inception over a year ago.  However, it is great to have our position validated by a professional tax expert like Ms. Rosenberg.

Ms. Rosenberg cites the following 10 advantages to reducing your tax refund:

 

1.     You don’t have to wait for the IRS to release your money …

2.     You don’t have to file your tax return in order to get your refund

3.     You don’t have to get suckered by some unscrupulous tax preparer …

4.     You improve your credit and your credit score by …

5.     In a real emergency you can …

6.     You can use the money to pay monthly bills that you …

7.     When you do get ready to file your tax return, you can reduce your total tax liability by …

8.     You might even choose to fund a …

9.     If your refund or your spouse’s refund is routinely grabbed by the IRS for back taxes, child support, student loans, etc., you won’t have to …

10.   Not getting a large refund is extremely patriotic. After all …

 

Ms. Rosenburg also discusses the risk of identity theft related to income tax returns and learning the art of saving in her article.  We strongly encourage you to read the full article, just click here.  Also, watch the video below, “Why You Don’t Want A Large Tax Refund.”

 

 

Here is today’s step to financial wellness from Thirty Steps to Financial Wellness developed by Money Management International:

Step 18 – Where Does All The Money Go?

 

EVENTS AND RESOURCE LINKS:

Hosting A Financial Literacy Month Event

2015 National Savings Forum

Financial Literacy Month Articles from Huffington Post 

The FoolProof Foundation

FoolProof Teacher

FoolProof Solo

 

If you have questions or need help we are just an email away.  Send your questions to Info@KnowYourMoneyGlobal.com

 

We welcome your comments and encourage you to share your knowledge about personal money management and financial literacy.  We hope to be a conduit for others to disseminate information on this subject to promote financial literacy and to enhance knowledge and understanding of the subject.  If you have comments you would like to share please send them to: 

Comments@knowyourmoneyglobal.com.

 

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Disclaimer:  I have a Bachelor of Business Administration degree but I am not a financial adviser. However, I have acquired years of knowledge about personal money management through my life experience working through my own personal finances that allows me to share that knowledge with readers of Know Your Money. The Know Your Money Blog posts written by me are my own common sense observations and opinions and are for informational use only. Although my blog includes contributions from experienced financial professionals, please make your own financial decisions based on personal research or contact a financial adviser.

 

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