Verse of the Day: Pay Your Taxes Edition

March 10, 2008

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7 Render therefore to all their due: taxes to whom taxes are due, customs to whom customs, fear to whom fear, honor to whom honor.

Romans 13:7 (NKJV)

Yes, the Bible talks about paying taxes! Benjamin Franklin said, “In this world nothing can be certain, except death and taxes.” Even in Biblical times they had to pay taxes. It’s nothing to get all upset about. We have to pay taxes in the United States and most anywhere else in the world. The best thing we can do is to try and minimize our taxes as much as possible instead of complaining about them.

I haven’t filed my taxes yet although I am pretty much finished with most of it (I use computer tax software). I just need to finish up some last details and find some paperwork and I’ll be done. I’m thinking about e-filing this year just because it’s more convenient. Last year I mailed mine out after printing the forms out from my tax software and I just think e-filing is less of a hassle plus I can get my refund faster. The IRS has reported that 46.9 million taxpayers have already filed their 2007 tax returns for a total of $106.7 billion in refunds through February 22. Out of those, 38 million e-filed. The average refund is $2,708.

I’m getting about $700 back this year not including the secondary stimulus package refund that I’ll be getting later that President Bush signed. That’s still too much for me. I like to get as close to zero as possible so I may have to adjust my withholding. Remember that if you receive a large refund you’re loaning the government an interest-free loan. That’s money you could use every paycheck to help pay off debt, bolster your emergency fund, or something else. But if you don’t have the discipline to use the money wisely, it may be a good idea to keep your withholding the same so it forces you to save. The math doesn’t work out but if it works for you, it works for you.

It’s tax season so start now! The sooner you start, the better off you’ll be and the faster you’ll get your tax refund. Plus you may be eligible for the stimulus refund. God bless!

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