It’s a Taxing Situation
It’s a Taxing Situation
By Cate Rees-Hessel
Death from Taxes?
I must admit that when it comes to taxes, I am inept. I squeaked through my college accounting 101 by the skin of my teeth. My husband is the math lover in our household, and he does our 1040. The closest I come to anything to do with mathematics is the fact my older sister is an accountant and a friend from belly dance class is a tax attorney.
Count on Bargains
Basic math, like checkbook balancing, figuring out sale discounts, or the size of a diamond – I am truly fabulous at this type of calculation endeavor. My spouse will attest that I am excellent at spending money, as well, but I do spend it wisely. I can sniff out an overcharge at the grocery store like a bloodhound that got a whiff of a juicy bone, and I love me a bargain. So allow me to share a baker’s dozen of my expertise on savvy ways to save some money when you are ready to spend your tax refund:
- Many restaurants and business establishments offer tax day or other deals and free birthday or anniversary treats, through email, texting, or in-store terminals. These are great but can still cost you money – that free dessert can end up costing you the price of a lunch or dinner that maybe wasn’t in your budget. Bear in mind these places are enticing you to come spend some cash.
- The “pink tax” is very real – those blue disposable razors may work just as well on legs and underarms.
- Do your homework before taking your car to the mechanic, ladies. You are less likely to be taken advantage of if you sound like Marissa Tomei’s character on the witness stand in “My Cousin Vinny”.
- Now, you know you are about to look for that film on streaming TV if you don’t know what I am talking about, so let’s move on to those get two weeks free streaming services. It’s nice to try these services, or merchandise subscriptions, but if you forget to cancel you can get an expensive surprise at the end of the free period.
- Online auctions are awesome but check shipping fees before bidding. That very deep discount on the item you are looking at might make up for the cheap price by inflating shipping and handling charges. (This can also be true on third-party serviced items through the big online retailers.) Politely ask the seller what is the best price shipping to your ZIP code.
- You get less for your money these days – even President Biden’s State of the Union speech mentioned the size of a Snickers bar and the volume inside a bag of potato chips shrinking in size, so watch unit pricing such as per ounce for the best value.
- You often get what you pay for, so look for quality that is timeless and long lasting when choosing wardrobes and accessories. In trendy apparel look, especially fads, look for less costly items, since they go out of fashion quickly.
- Loss leaders at the market or pharmacy are worth it, if you don’t go out of your way to make the purchase. Often these are limited to one per customer and not worth the extra gas spent to get to the store, unless you can take advantage of multiple deals and they are for items you need or at least really want.
- Drugstore cosmetics can often work as well as luxury brands, but if you want to try higher end skin care, begin by requesting samples or buying a trial size to get a read of how your body reacts to it. Avoid dollar store personal care items – most are made in China/PRC (People’s Republic of China), which means they are not thoroughly tested for hygienic safety standards or safe ingredients.
- Store brands can be a budget saver but check labels – some less costly groceries can contain preservatives, colors, or other artificial ingredients. Many use the GMO process of bioengineering.
- Don’t cut corners when it comes to your health and safety. It’s just not worth it in the long run.
- There is a trend toward lab-created gem stones. My personal opinion is a smaller, natural diamond with some inclusions is a better choice. Lab created means coal burning in China and India, an often unhealthy and unsafe practice.
- Be a wise consumer – use reliable resources to gain information before making a purchase.
Take the Credit
In closing, an accountant (shameless plug for my beautiful big sister), or tax attorney can help you to take all of your legal tax deductions, and get you the maximum refund. There are many tax credits for women, especially single moms, if your income is under a certain amount. There is the earned income tax credit, there is child or dependent care credit if you have a loved one in daycare, and if you have a child in college there is an education credit. If a single lady is taking a job related class, there is also a credit.
Taxing…Not!
Tax laws are complex for everyone, not just single ladies filing as head of a household, with or without children, so leaving your taxes to the experts can get you maximum legal refunds, giving you some extra cash that you can splurge just a bit on some of those spring sales.
