Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

If you're getting a large tax refund, you're helping the government.

Posted by on Jan. 20, 2015 at 4:26 PM
  • 256 Replies
19 moms liked this

If you're getting a large tax refund, you're basically just giving the government an interest-free loan each year.  Unless you are an irresponsible adult, there are better ways to handle your finances.

Instead of giving the money to the government your money to hold throughout the year, put it in a savings account and earn interest on it.  You'll make more money in the long run.

If you even more awesome with controlling your finances and how much you spend, set it up so that you receive the maximum with every paycheck.  Then, pay the government during tax time.  As long as you can budget this and invest properly, you'll make the most money possible.  Most people don't do this because it's hard to pay a big chunk of money every year all at once.


EDIT:  This is a post for those who pay taxes.

by on Jan. 20, 2015 at 4:26 PM
Add your quick reply below:
You must be a member to reply to this post.
Replies (1-10):
Anonymous
by Anonymous 1 on Jan. 20, 2015 at 4:28 PM
1 mom liked this
I already do exempt on my paycheck.... The only return I get is EIC which I can't get ahead of time
Anonymous
by Anonymous 2 on Jan. 20, 2015 at 4:31 PM

No I have them take the minimum out, so I am not doing it wrong I get eic.

Anonymous
by Anonymous 3 on Jan. 20, 2015 at 4:31 PM

So tell me how should of DH and I done our paper so we didn't get such a large return. 

DH has worked every month of last year.

I started working the last day of August. 

We have 2 dependents. 

I make $12 an hour was working 40 to 50 a week. 

DH makes $12 an hour works 50 to 60 a week plus OT.

An no this isn't DH normal pay he was laid off and took what ever kind of work he could find until he either finishes changing job fields or finishes his MA. 

Quoting slb235:

If you're getting a large tax refund, you're basically just giving the government an interest-free loan each year.  Unless you are an irresponsible adult, there are better ways to handle your finances.


Anonymous
by Anonymous 4 on Jan. 20, 2015 at 4:33 PM
1 mom liked this
DH is a firefighter , he gets so many tax cuts it's unreal. So no, we're not being irresponsible.
the_dude
by abides on Jan. 20, 2015 at 4:33 PM
29 moms liked this

Judgy Mcjudgepanties strikes again! 

Anonymous
by Anonymous 5 on Jan. 20, 2015 at 4:34 PM

You're so annoying.

Anonymous
by Anonymous 6 on Jan. 20, 2015 at 4:34 PM
29 moms liked this
I'll really be thinking hard about this post, and how you've really put it all into perspective for all of us, when I'm lying on the beach, drinking as many drinks as I desire, on my all inclusive Caribbean vacation that we're taking.... with our tax refund money.

What to do first.. read some conservative money management books? Or the limbo contest? Have a serious talk about our finances and how we could really take some advice from strangers on CafeMom? Or take a second trip to the all I can eat lunch buffet... ? So many options....
omfgitsannie
by on Jan. 20, 2015 at 4:35 PM
3 moms liked this
I agree
Anonymous
by Anonymous 7 on Jan. 20, 2015 at 4:35 PM
1 mom liked this
Many on here are getting it from EIC.
.PinkSunshine.
by on Jan. 20, 2015 at 4:36 PM
Oh well
Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)