Sunday, February 7, 2010

So your going to receive a refund

Once getting through the harrowing act of filing one's taxes, the the refund. With the proper withholdings and the receipt of any refundable credits, one could end up with a very rather large sum of money.

This year for the first time in many years, as I've mentioned in an earlier post, you can purchase US savings bonds in $50 increments, with all of your refund or some of it. In order to participate, you must use the direct deposit option. The funds not used for bond purchase will be directly deposited into your banking account, credit union, or other financial institution. The bonds will be received by mail.

Do you know that you can apply any refund you are to receive to next year's taxes. If you know that your income is going to change, taking you into a higher tax bracket granting you a higher tax liability; any refund you are to receive, can be applied to next year's estimated taxes. You can apply all, or a portion of.

Just in case you didn't know. Any tax liability owed from a prior tax year, will be recaptured by any refund you are to receive. If there is any refund left, it will be surrendered to you.

Of course you can receive your check by snail mail; however it takes longer; 21-28 days (sometimes 6-8 weeks. Some situations call for that amount of time). With direct deposit, you could receive your refund in as fast as 10-14 days.

I look forward to being your tax professional. Always affordable tax preparation, and always free e-file and direct deposit. Call or e-mail me your tax questions.

Wanda (Ui)
323.898.2330 Cell
818.763.7813 Business

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