Tax Day 2016: Tax facts…

Today is the deadline for filing your income taxes or filing for an extension.  

 Tax Facts…  

-8 in 10 tax payers will get a refund, mainly those making $50,000 a year or less

-Average US tax return = $2, 800 dollars

-Financial expert   s define a REFUND: an interest free loan to the government   http://money.cnn.com/2015/01/13/pf/taxes/taxpayer-refunds/

 

“Tax Tip” from financial expert Dave Ramsey

*Getting a big refund on my income taxes is a good way to save money. (Myth)

Truth: If you get a large tax refund, you’re allowing the IRS to take too much money out of your paycheck. You’re loaning the government your money—interest free. That’s money you could use to pay off debt and/or build wealth each month.  https://www.daveramsey.com/elp/tax-questions/

 

Since it’s ‘Tax day’ – some ‘Tax BREAKS’ from other countries?

-In Germany, one can deduct bribes to officials? All one has to do is disclose their name and the name of the official that they bribed.

-The United Kingdom gives tax breaks to video game companies that create “culturally British” games.

-In the Netherlands, those who study and practice witchcraft can claim a government tax break. A judge upheld the tax break in court back in 2005.

-In Italy, almost a third of all men over 30 still live at home.  To encourage them to move out, the government issued a 1,000 euro tax break to those who rent their homes. However, the job market is so poor that the men can’t make it on their own once they moved out.       http://www.efile.com/legitimate-tax-breaks-and-unusual-extraordinary-qualified-tax-deductions-and-tax-exemptions/

Verne Hill
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I enjoy many things: Music. Family movie nights. My American flag flapping in the wind. Sunsets at the beach. Snow days. The Sweet Tea Party. Salvation through Grace… VERSE: “Let everything that has breath praise the LORD” Psalm 150 QUOTE: “A person who loves his job, will never work a day in his life.” MON-SAT 6A-10A (& Sunday@5 host) verne@wbfj.fm