Thinking about your Income Taxes yet?

I am. Here's why. I'll be receiving just 2 more paychecks in 2008. So, I've got 2 opportunities to make some changes to my withholding that could put some serious money in my pocket in December.

What am I talking about and how does this work? Great questions. I'm glad I asked them.

Here's what I did. I took my wife's and my last pay stub amounts and projected out the next two pays to see what our 2008 totals will be. Then I basically plugged this information into TuborTax's free tax calculator to see what my 2008 tax return could possible look like.

In doing this, if you find out you'll be expecting a large refund, you could adjust or even stop your federal income tax withholding for the next 2 pays and put that money in your pocket right now as apposed to waiting until you do your taxes and then get it back in a refund.

In doing this exercise I can put just over $300 in my pocket in December. I'd much rather have this $300 now than wait until March or April.