Unintended Benefits
I just got back from a housewarming party for my of my clients who just bought a new house. Yesterday I finalized his 2009 tax return. He just bought his new house and qualified for the first time home buyer credit.Last fall I met him and reviewed his 2008 tax return. One thing I noticed was that he received a large refund in 2008. I spoke with him and said it probably made sense to change his payroll tax withholding so that he was paying so much in taxes. I asked him if he really wanted to get a big tax refund each year. While it may be nice to get a big check, the problem with getting a big tax refund is you can’t use the money during the year and extra couple hundred dollars of take pay each paycheck could make a big difference.The big benefit of this would be that he would have more take home pay each paycheck. He really liked that and I helped him changed his withholding taxes.It turns out that as a result of this he and his wife were able to qualify to buy a new home which they were very excited about.He made a comment to me yesterday that really meant a lot. He said, “Damon your advice to really helped so that we qualified to buy the home. ”I thanked him and replied, “That’s great, I’m glad I could help. I really had no idea my advice would be that valuable to you.”It was very gratifying to know that I helped he and his family move into a better home. I’m glad that my work makes a difference for people.
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