Tax returns are expected to be 29% smaller this year, according to the IRS’s preliminary data ahead of the 2024 tax season. Furthermore, nearly 70% of Americans affirm their tax refunds are vital to maintaining their financial security.
Self Financial Head of Community Monique White joins Yahoo Finance Live to discuss the best saving strategies, including how to reinvest tax returns to build wealth this tax season.
“If you are living paycheck to paycheck, you’re struggling with your monthly essentials, and managing your debt, what that tells me is every dollar counts. It may be a good time to look at your W-4 and adjust your holdings so you can have more money up front to manage those things,” White explains.
#youtube #taxes #stocks
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Tax refund is just your money you overpaid during the tax year. Its not money from the government. Dont rely on it to build wealth
Top 5 ways to save money on taxes: 1 become a CEO
2 become a politician
3 hire “business advisors”
4 learn insider trading from your fellows
5 don’t pay your taxes
Tax the rich. Living wages. ❤️🇺🇸
They already are…
If you rely on a tax return because you gave too much or tax credit due to kid… and u spend it on unnecessary things… rather than save and invest… the issue is… you.
Having a long-term financial goal is essential for successful wealth-building. By looking ahead and planning accordingly, you can align your financial decisions and actions to support your overarching objectives. This long-term focus allows you to stay disciplined and make informed decisions that can help you achieve your financial milestones over time. Having a clear goal in mind can help you prioritize and allocate your resources effectively, enabling all other aspects of your financial plan to fall into place.