Penn State Ag Sciences Newsline -- April 10, 2007

A simple tax strategy can result in more money at year's end (:49)

[Click here to listen, or right-click to download and save MP3 audio file]

Suggested Intro:

NOT EVERYONE IS DREADING THE APRIL 17TH INCOME TAX FILING DEADLINE - SOME ARE EXPECTING SUBSTANTIAL I-R-S REFUNDS. IF THAT'S YOU, A SPECIALIST IN PENN STATE'S COLLEGE OF AGRICULTURAL SCIENCES HAS AN EASY TIP THAT CAN NET YOU EVEN MORE MONEY NEXT YEAR. GARY ABDULLAH REPORTS:

Story:

(:17) SOMETIMES, THE JOY OF RECEIVING AN I-R-S REFUND CAN OVERSHADOW THE FACT THAT IT'S ACTUALLY YOUR OWN WAGES, WITHHELD. PENN STATE CONSUMER SCIENTIST CATHY BOWEN SAYS YOU CAN END UP WITH EVEN MORE MONEY BY REDUCING YOUR WITHHOLDING AND USING A SURPRISINGLY SIMPLE SAVING STRATEGY WITH THE INCREASE IN YOUR TAKE-HOME PAY:

Bowen Actuality:
(:20) "EVERY TIME YOU GET A REFUND, YOU ARE SIMPLY GETTING YOUR OWN MONEY BACK. AND IF YOU HAVE LET THE I-R-S HAVE YOUR MONEY FOR TWELVE MONTHS, THERE'S NO INTEREST PAID ON THAT MONEY. SO SIMPLY LOOK AT YOUR REFUND THAT YOU'RE GETTING BACK THIS YEAR, DIVIDE IT BY TWELVE, AND EACH PAYCHECK THAT YOU GET, TAKE THAT MONEY OUT AND PUT IT INTO A SAVINGS ACCOUNT."

(:12) BOWEN SAYS INCOME-TAX TIME CAN BE A GOOD REMINDER TO CONTACT YOUR EMPLOYER ABOUT UPDATING YOUR FEDERAL WITHHOLDING FORMS, SO THAT YOUR MONEY CAN MAKE MONEY FOR YOU, INSTEAD OF UNCLE SAM. FROM PENN STATE, I'M GARY ABDULLAH.

# # #

[AIRWAVES] [STORY INDEX] [NEWS RELEASES] [RELATED LINKS] [HOME]