So, when do most people start getting their tax refunds?

If you are getting a refund, you are paying too much taxes thru the year and giving up money you could have invested the whole time and allowing the government to make interest off of your over payments.

Revisit your deductions and reset them so you owe a little at the end of the year, that way you make money on YOUR money and not the Government.

If you use the tax "refund" (overpayment) as a pseudo savings account, then maybe you need to rethink how you deal with your money.
 
Jeeze, I haven’t had a tax refund since I was a youngster driving a beat up old ‘69 Nova and filing the 1040EZ form! Ahh, the good ole days...
 
In my case it always comes at a perfect time for me as I'm nearing the end of my winter layoff and funds are getting low. I understand about letting the govt. having an interest free loan with my $$ but with the low interest rates today what do you make for a year on say 2G? A whooping $40 at 2%? For me it's nice to know that little cushion is going to be there when I need it instead of spending the extra few cents a week during the better times.
 
If you are getting a refund, you are paying too much taxes thru the year and giving up money you could have invested the whole time and allowing the government to make interest off of your over payments.

Revisit your deductions and reset them so you owe a little at the end of the year, that way you make money on YOUR money and not the Government.

If you use the tax "refund" (overpayment) as a pseudo savings account, then maybe you need to rethink how you deal with your money.

Unless your employer withholds federal and state taxes from your income. Then you don't really have a say in the matter :(
 
If you are getting a refund, you are paying too much taxes thru the year and giving up money you could have invested the whole time and allowing the government to make interest off of your over payments.

Revisit your deductions and reset them so you owe a little at the end of the year, that way you make money on YOUR money and not the Government.

If you use the tax "refund" (overpayment) as a pseudo savings account, then maybe you need to rethink how you deal with your money.

Seems to me that is a personal decision, best left only to those that earned the money to start with.
 
Seems to me that is a personal decision, best left only to those that earned the money to start with.
yeah but it's never too late to learn money management. Many people don't even realize they can change their deductions in most cases.

In my case it always comes at a perfect time for me as I'm nearing the end of my winter layoff and funds are getting low. I understand about letting the govt. having an interest free loan with my $$ but with the low interest rates today what do you make for a year on say 2G? A whooping $40 at 2%? For me it's nice to know that little cushion is going to be there when I need it instead of spending the extra few cents a week during the better times.

Buy some Canadian Grower Stocks and make closer to 17%
 
It must not be peak tax refund season yet because all the home improvement types who go door to door around here haven't shown up yet.
 
If you use the tax "refund" (overpayment) as a pseudo savings account, then maybe you need to rethink how you deal with your money.

So, you're saying, put the money in a savings account where you'll see an average 0.02% interest paid? Might as well just stuff it in your pillow, eh.
 
Sent mine in on the 9th of February. Still waiting for the check due to some ID fraud! Seems someone else filed a few days ahead of us.
So now we wait and wait ......



Barney
 
So, you're saying, put the money in a savings account where you'll see an average 0.02% interest paid? Might as well just stuff it in your pillow, eh.
If you think Savings Accounts are the only way to invest and save money, then It's a waste of time discussing it. I only keep enough in checking accounts to pay bills and keep up the required minimum, the rest is invested wisely and makes way more than .02 or even 2%. As I pointed out above, I just bought $10K of Canadian Pot Stocks making 17% now and will be going higher as recreational is more widely approved. That is one of 20 or so investments making money.

I pay anywhere from a few hundred to close to $1k every tax season, but I made the interest on it thru the year, not Uncle Sam.
 
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