INCOME TAX REFUNDS ARE WOLVES IN SHEEP CLOTHING! 

It's A Huge Income Tax Mistake  to receive a large income tax refund. I know it is like a windfall, getting a nice sized check in the mail but there are huge draw backs.

First, if you know it's coming most people have the tendency to over spend. The attitude of "I worked hard and I deserve it" ring loud and clear, over spending.

Second, those of you that receive an income tax refund are giving an interest free loan to the Government. It would be better if you go to IRS.gov and use the calculators to help you adjust your withholding and stop giving the interest free loan/gift to the Government, keep it for yourself. If you are disciplined you can take the extra money not given to the Government and put it into a money market account or purchase a high yield stock or something for yourself not them.

The flip side of the coin is that 67% of tax payers plan to pay bills with their refunds apposed to 34% last year. But if those dollars were placed in an interest bearing account or our Roth IRA or what ever your investment choice, you make money. Planning for your future takes a bit of effort but I have never met a rich man or woman that gives their money away - for free.

We look forward to hearing your questions and comments. Contact us at www.minocquamortgage.com or marcia@minocquamortgage.com.