61% of Americans Expect a Tax Refund This Year -- but Is That a Good Thing?
If there's one thing most Americans can agree on, it's that taxes are a drag. The silver lining, however, is getting a lump sum of cash from the IRS in refund form once you've gone through the headache of filing a return.
Most tax filers get a refund each year, and new data from tax prep company Jackson Hewitt reveals that 61% of Americans anticipate collecting one in 2020. But before you celebrate that incoming windfall, you may want to think about what you're giving up in order to get it.
It's nearly impossible to break even on the tax-filing front. Generally, you'll owe the IRS some amount of money when you file your tax return, or it will owe you some. Your goal should actually be to get as close to breaking even as possible, because that means you estimated your tax liability just right and, for the most part, received the amount of earnings you were entitled to based on your income.
Source Fool.com
