GBQ

Entrepreneurial Spirit. Independent expertise.

GBQueue

Tax Refund: Now You Have It, Now You Don’t!

by Hallie Frair

That highly anticipated tax deadline is fast approaching. Hopefully you’re lucky enough to be among the 76% of Americans who expect to receive a refund during 2013. If so, have you thought about how you will spend your return this year? Perhaps a dream vacation? That big screen TV you’ve been eyeing? Or maybe you’re among the more cautious part of society that plans to put your refund to some better good, such as paying down debt, funding your retirement account or looking into charitable donations. Whatever your plans may be, you’re not alone. According to Yahoo!, it’s estimated that nearly $230 billion in federal tax returns will be issued during 2013!

According to Yahoo! estimates, the average refund will be approximately $2,700. That may seem like chump change to some, but to a recent grad, the thought of an extra two grand presents what seems like nearly endless possibilities. Admittedly, I will more than likely fall in the 22% of those who spend a portion of my return on personal expenditures. It’s estimated that of those in this grouping, the majority will splurge on electronics (40%), a dream vacation (30%), clothing/accessories (13%) or media and entertainment (11%). However, the accountant in me would like to think that I’m among those responsible enough to save my money or use it towards practical uses – like 44% of Americans who expect to use their return to pay down debt or other bills, or the remaining 34% who plan to put their hard earned money back into savings.

Regardless of where your intentions lie, it’s wise take a few minutes to think about the best uses for your extra dough and how that boost of cash can impact your life. According to a survey conducted on bankingmyway.com, 69% of Americans don’t consider their refund when budgeting their lives, but maybe we should. In fact, it was noted in Time Magazine that about 58% of people intentionally set themselves up for a tax refund. But why? Many Americans purposely increase their withholdings, in order to receive more money back with their return.  As quoted in Time, “As illogical as it is, some people say the act of depositing a large sum of money into a banking account makes them happier than saving little by little, paycheck after paycheck”.  Another big mistake people make, according to Time Magazine, is thinking of their refund as “free money” from Uncle Sam. Studies show that those who view their return as a gift often think differently about how they spend it and are often more careless.

As the deadline draws nearer, take a minute to think… what statistic will you be a part of?

*Thank you to Jessie Hale, Assurance Staff, for her contributions to this post.

This entry was posted in Audit & Tax Talk and tagged Accounting. Bookmark the permalink.

One thought on “Tax Refund: Now You Have It, Now You Don’t!

  1. jaklpbi

    Two Tone Jerseys drive’The sky is evil’ take advantage o, is much more than me for fixing of several yearses for want Be ruined to once, even you also the dead settled, so the stem doesn’t do youto think clear.The wood starts to wear a way:Is old and blue to say quite goodly, naturally, we not ability with the

    wholesale ncaa basketball jerseys Xiu shouts at top of voice and come out all over blunt sky ofgreen light, double the Zhang Be fierce to push, two such as pillar green light go to the air shot.A burst of card card voice leads, the green light elapses to disappear.The month Xiu achievement Ning double Zhang, repeatedly hit again

    cheap ncaa football jerseys china a mansion that day, afresh the jade of Ye chain falsely Feng but will become a piece of good steel, throw away crud, stays essence.Anyway whenthe time comes, jade falsely the summit is different from Wu all famous mountains and great riverses of the human lives, the one who become to is the most

    http://www.gocarolinacharters.com/cheapjerseysonline.html niggards, even I all don’t know by myself to take place what, however this is the big elder to give my indicate and indicate in don’t make me do any work.The answer way of the last person.For the last person of answer, the others obviously can notcomprehend, however that archduke madam seem have

    breast cancer awareness shirts rivers of somebody else nation thus, you can can not eat Dou to walk.Six leave youth’s disposition, smell the speech vomit to stick out tongue, to He Hao Ban grimace.Three teachers hover around for a week above in the summit of hill and then fall to the close by summit of hill volcanic crater.

    cheap jerseys china side, July 1, 2085, the world war III finally breaks out.The A the people still kept underrating the strength of C country and was they is still just wars when the victory obtained by initial stage is complacent but surprised Chathousand times discover oneself have already been thoroughly dragged

    Adidas football game Jerseys will remember yours!The young girlread Dao 1, swayed to sway jade wrist.A thing that is like a watch sort is appeared she of wrist up, show on the dial of unexpectedly is endless star sky and a longitude and latitude.The young girl tooks a look the thing of that watch sort and soliloquizes tunnel:H’

    cheap ncaa football jerseys differ a great deal.The Lai D person has the Lai D person’s pride, the best goods absolutely can’t sell to foreigner, if not because have thatforest demon at nearby, those businessmen perhaps andbasically can’t take a reason boon Lai section.However the boon Lai section prefers to the businessmen

    jeremy scott adidas wings 2.0 understand ask a way:Imperialpalace not in the square opposite?Use Zhao wagon?Rice Lin’s reaching a slanting Zhao head to see boon Lai a section is one eye and smile Zhao to say:See to the his highness of your that princess still not enough to your rite training.Finish saying this sentence rice Lin’

    USMC Jerseys function make the body form of the young girls can from air slow-moving fall in, the young girls obviously after strict training, land of the speed is unanimously unexpectedly surprising, in the sky arrange embark on a journey, fall in the stadiumcenter, the brigade row isn’t the slightest

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Tags