Women2Women - Spring 2017 - 22

Growth2Go

TAX
FAQ S

By Stacy A. Weller, CPA
Herbein + Company

I

t is that time of the year again - tax
season. The tax deadline this year is
April 18, 2017. By now, maybe you have
taken care of your taxes for 2016, or
maybe you are planning for next year. We
compiled some common questions about
what to do after filing your taxes - from what
to do with your refund to how to change
your tax outcome for next year!

belonged to you but that the government
has had possession of all year because
you overpaid your taxes. If you adjust
your withholdings, you can actually invest
the additional money that you are not
paying in withholding taxes, which will
compound and earn you a higher return
on your investment. To adjust your federal
withholding, you should complete the
Form W-4 and give it to your employer.

I AM GETTING A
REFUND . . . NOW WHAT?

This is overall good news...you do not
have to write a big check to the IRS!

The fastest way to get your tax refund
is by choosing to have your refund direct
deposited into your savings or checking
account by filling out the direct deposit
line on your tax form.

It is important to understand that your
tax refund is in fact money that has always

Another great way to make the best
out of your refund is by requesting a

22 Women2Women Spring 2017

direct deposit into your myRA account.
A myRA account is a retirement account
designed for those who do not have
employer-sponsored retirement plans.
Saving for retirement is essential so that
you can have a source of income when you
no longer are able to work. Thus, having
your refunds direct deposited into a myRA
account is an excellent way of taking care
of your future. You can also allocate your
refund to have a portion deposited into
more than one account by filing Form
8888, Allocation of Refund. Yet another
option is to purchase up to $5,000 of
series I Savings Bonds. Allocating your
refund is a great way to save some of your
refund money while still having a portion
for immediate expenses.



Table of Contents for the Digital Edition of Women2Women - Spring 2017

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