The Bidens Made a Common Tax Mistake and You May Be Making It, Too
Democratic presidential nominee Joe Biden released his most recent tax return, for the 2018 tax year, and it said his family received a refund of $22,296. Great news for the Bidens, right?
Not exactly. The fact the Bidens got so much money back means they gave the IRS an interest-free loan of all that cash while also tying up their money so they couldn't access it if they needed it.
And they aren't the only ones. The majority of Americans receive tax refunds and, in 2018, the average refund came in at around $2,881, according to research from The Ascent. While the average taxpayer receives far less than Joe and Jill Biden, anyone who gets a lot of money back from the IRS after filing a return is likely making a big mistake.
Source Fool.com
