Friday, May 22, 2009

Things I Learned From My 2009 Tax Refund

Most of the times it has happened that I have neglected my personal as well as business taxes. The month of April will always be remembered as a nightmare to me. I made a new year resolution that I will not repeat the same financial mistakes that I committed last year. And believe me I was able to square my finances quite well. The best part is we are expecting around $3,000 tax refund.

This time I have learned 3 vital things from my 2009 Tax Refund

This years Tax season has taught me things about being honest, handling relationships and last not the least spontaneity.

Let me explain them in details what I learned and how I managed :

1.) All relationships are equally important in financial partnership

Me and my sister Samantha, both are involved with family finances. We both decided last year that we will work and will keep half of the month's salary for household work and emergencies. When I came to know that we are getting around $3,000 tax refund, I became so excited that I forgot to ask Sam what she has planned with that money. Immediately I got hold of it and realized that for making any financial decisions it is better to discuss it with someone who is also responsible with me for earning. Lesson 1 learned and understood well.

2.) Always be an honest citizen when filing your Taxes

This is the best lesson I have learned till date in the terms of personal finances. My accountant wanted me and Sam to do a kind of fraud with the government in terms of salary income. But we both discussed that in case anyone of us is caught then what will happen to the family. At the end we decided not to listen to the accountant and be honest with the government officials. I know life is a risk, we should risk it. But for me my family is more important to me.

3.) Life is very short and not spontaneous

Sam wanted to take out $500 out of the tax refund money and spend that on shopping and other fun activities. But I made her understand that we have already spent enough on renovation of our house and all. She is the best sister in the world. She understood me and kept back those $ 500 immediately. Lesson 3 learned. We can be spontaneous sometimes with money. Its good though.

Life is full of lessons, Make sure you catch them all

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