Certified Public Accountants1215 Herr Lane, Suite 210 - Louisville, KY 40222502-896-2999

How to Save Money on Taxes Tip 1

Tax refunds have been a big deal for most people for a very long time. Retailers even have sales based on tax refund payments. Problem is, if you are getting a nice tax refund, you've done something wrong and you've lost money.

If you have a $2000 tax refund, the net result is that you've given Uncle Sam an interest free $2000 loan for a year or more. Uncle Sam doesn't cut you any slack so why shoud you? Smartest strategy is to set your deductions so you can target a wash, i.e. you don't get anything back but you don't have to pay anything additional either. Ideally, you should plan your withholding and other tax tactics so that you either get a minimal refund or owe just a bit more in taxes after filing your return.

An April 15 wash is much easier said than done, but the tax professionals at Neikirk, Mahoney & Smith can prepare your tax returns and help you plan an appropriate tax withholding schedule to help stack the odds in your favor, not in the Internal Revenue Services'. 

To schedule your appointment, contact Neikirk, Mahoney & Smith at 502-896-2999.

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