Advice, Preparation . . . Results™

Tax refund too big?

Maybe it sounds like a silly question: Is it possible to get too much refund?

After all, it’s nice to look forward to a “windfall,” and some people plan an event or project to spend that money on.

The truth is, if you receive a refund, you’ve been loaning Uncle Sam that money—your money—all year. He doesn’t even pay interest! (But you can be sure he’ll charge interest if you’re late paying him.)

If you reduce the withholding from your wages and stash the extra income in a savings account all year, you’ll at least earn an extra dollar or two, plus the security of knowing you hold some extra cash for a cushion in case an emergency arises before you file next year’s taxes.

Changing your withholding doesn’t need to be a shot in the dark. The IRS offers a Withholding Calculator to help you figure an accurate amount. Once you’ve determined what that number should be, fill in a new Form W-4 and give it to your employer or human resources department.

If you need additional assistance keeping more of your money, veteran CPAs Mark Patrick and Raines and their proven team at Patrick & Raines CPAs can help. Contact us at Office@CPAsite.com or 904-396-5400.

« »

What Our Clients Are Saying

My primary reason for doing business with Tim is the feeling of trust I’ve always had.  
Kimberly Ashley, Kim Smith Writes

Frequently Asked Questions

Q.

Do I really need to pay a CPA to prepare my financial statements? Couldn’t I save money doing it myself?

A.

You could…but how valuable is your time? What could you be doing to build your business with that time? Could you earn more than what a CPA would cost? Also,...

Read more...

Locations

4029 Atlantic Boulevard, Jacksonville, Florida 32207
6000-A Sawgrass Village Circle, Suite 1, Ponte Vedra Beach, Florida 32082

 

Copyright © 2019 Patrick & Raines CPAs, LLC.
All rights reserved. Privacy Policy | Terms of Use