8 financial items to review every summer
5. Income Taxes
If you received a sizable refund this year, you are probably having too much withheld from your paycheck, and should adjust your W-4. Redirect the additional cash to your retirement savings, emergency funds, or debt payments.
If you owed a substantial amount, you are either not having enough withheld or should be making estimated tax payments. Unemployment insurance compensation is taxable, and those receiving it should be making estimated tax payments.