Yikes! You have a large refund | Money Matters
Good news that is sometimes not so good
Last updated 4/22/2021 at 9:59am
For some reason, some believe it is better to receive than give when it comes to filing taxes. While that may help your savings account, it is not always a great idea. Here's why.
@You are giving the IRS an interest-free [email protected] Granted, interest rates are pretty low, but every dollar you earn money on, is one more dollar of yours and one less of Uncle Sam's.
@Debt costs a [email protected] While interest on savings is low, the same is not necessarily true for credit card and other forms of debt.
Why not lower your withholdings throughout the year and use the extra money to pay down your debt?