Too Many People Make This Tax Planning Mistake
So far in 2019, the IRS has issued over $319 billion in tax refunds to over 111 million taxpayers, for an average refund of around $2,860. While getting a big check like that may feel pretty good, in reality, it's not all it's cracked up to be. It suggests that people are making a pretty big mistake with their money.
After all, a tax refund is simply getting back the money you had overpaid in taxes. In essence, you lent the U.S. government money, didn't require any interest on that loan, and let the government decide when to pay you back. As strange as that may seem on its own, with the average American household facing more than $24,000 in non-mortgage debt, it really doesn't add up. Why lend out money for free when paying interest yourself?
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Source Fool.com
