There's A Hidden Cost To Your Big Tax Refund | HuffPost Life

That’s nothing to sneeze at. But let’s say you’ve been happily getting your $5,000 refund for 20 years. If you had been investing it throughout the year each year instead, plus reinvesting the returns, you’ve missed out on making $204,585 ― about double the total amount you’ve been …

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There's A Hidden Cost To Your Big Tax Refund | HuffPost Life

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How Your Big Tax Refund Could Actually Cost You Money | Kiplinger

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Mar 14, 2024 · If you had stashed away that $265 each month instead of waiting until tax time for your refund, you could have hundreds more in the bank. (That's assuming you deposited 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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FAQs about There's A Hidden Cost To Your Big Tax Refund | HuffPost Life Coupon?

Should you get a big tax refund?

We’ll say it again for those in the back: Getting a big tax refund is not a reason to celebrate. It just means you should have been getting a bigger paycheck all year. Don’t settle for tax software with hidden fees or agendas. Use one that’s on your side—Ramsey SmartTax. By adjusting your tax withholding, it’ll feel like you gave yourself a raise! ...

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? ...

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. ...

Will a big tax refund cost you money in 2024?

And even though savings rates are expected to fall, receiving a big tax refund in 2024 could cost you money next year as well. If pocketing an additional $186 over three years isn’t enough to convince you that bigger tax refunds aren’t always better, perhaps pocketing an additional $4,637.69 will. ...

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. ...

Could owing the IRS make you richer?

While no one wants a high-income tax bill, owing the IRS just a little could put more money in your pocket. Here’s how much richer you could be if you kept your money throughout the year instead of receiving it back as a tax refund. According to the most recent IRS data, the average tax refund is $3,182 this month. ...