Tax refund debate: Is it financially wiser to get a big refund — or ...

"These are really good questions, but it's not tax law — these are psychological issues," noted Keith Hall, a CPA and the CEO of the National Association for the Self-Employed. But, he added, "It is clearly better to put $50 from every paycheck in your own savings account where you get interest and you don't have to … See more

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Tax Refund Debate: Is It Financially Wiser To Get A Big Refund — Or ...

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Tax Refunds: Should Americans Aim For A Big One? It Depends.

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Feb 13, 2024 · The IRS won't charge you an underpayment penalty if:. You owe less than $1,000 or. You paid at least 90% of the tax you owe for the year or 100% of the tax shown on the …

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Why Big Tax Refunds Aren't As Bad As The Experts Say - The Balance

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Feb 24, 2023 · The average tax refund was about $3,200 for tax returns filed in 2022. Receiving a large refund means that you had more tax withheld from your paychecks all year than was …

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Did You Get A Big Tax Refund? Here's Why That Might Not Be A …

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A ccording to the most recent data, the average tax refund is $3,207 per taxpayer as of Feb. 16, which is 2% more than the average refund at the same point in 2023.

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Get A Big Tax Refund? Here's Why That's Actually Bad News - The …

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Mar 27, 2024 · Let's say, for example, that you had overpaid the IRS $3,207 (the average tax refund received by taxpayers so far for the 2023 tax year). That's an overpayment of about …

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Here's Why A Huge Tax Refund Isn't A Good Thing - The Motley Fool

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Mar 26, 2022 · Or, to put it another way, if you get a $3,000 tax refund this year, it means that last year, you gave the government a $3,000 interest-free loan. But that's not the only problem with …

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Your Tax Refund Could Be Bigger This Year. Here's What To Do With It

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May 10, 2024 · NEW YORK (AP) — The average taxpayer is getting a $2,852 refund, $75 more than last year, based on the most recent IRS data. So what should you do with that money?. …

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FAQs about Tax refund debate: Is it financially wiser to get a big refund — or ... Coupon?

Could your tax refund be bigger this year?

Your tax refund could be bigger this year. Here’s what to do with it FILE - Travelers walk through Miami International Airport on Nov. 22, 2023, in Miami. Experts say paying down debt and saving for a rainy day remain the safest things to do with your tax refund. ...

How much is the average taxpayer getting a tax refund?

(AP Photo/Lynne Sladky, File) NEW YORK (AP) — The average taxpayer is getting a $2,852 refund, $75 more than last year, based on the most recent IRS data. So what should you do with that money? ...

Should you get a tax refund?

There's also a less concrete but potent reason to get a tax refund: the emotional impact of a refund check sliding into your banking account. "When I sat with people and they got a big refund, they left happy — and I liked that," Slott noted. ...

What should you do with your tax refund?

NEW YORK (AP) — The average taxpayer is getting a $2,852 refund, $75 more than last year, based on the most recent IRS data. So what should you do with that money? Experts generally advise putting it toward debt and savings, but, for many people, that’s unrealistic. ...

Should a tax refund be the 'biggest payday of the year'?

It's often called the “biggest payday of the year.” But should it be? A refund is money that rightfully belonged to you, which the IRS has been collecting and holding all year until you file your taxes. It’s money you overpaid to the agency during the year through paycheck withholdings that the government has been able to use but you haven’t. ...

Should you maximize your tax refund?

“Since a tax refund is a return of the money that you've overpaid, maximizing that amount may not be the best strategy,” Pino says. “The old adage that a dollar today is worth more than a dollar tomorrow means that the more of the money you have throughout the year, the more you can use it to invest or save and earn money on your money.” ...