RICHMOND, Va. (WWBT) — According to a new study from NerdWallet, half of Americans filing a 2019 income tax return plan to do something different this year compared to last.
That’s because many Americans want an actual refund next year. More than two in five people would prefer to overpay in taxes to get a refund.
Getting a tax refund may seem great, but tax pros say it's a sign you're needlessly shrinking your paycheck.
Tax refunds mean you overpaid, gave the government extra money and collected no interest on it.
You can give yourself an immediate raise by reducing your withholdings to a level that more closely matches your estimated tax liability for the year.
You can make that change by filling out a new W-4 — some employers even let you do it online.
If you had that extra money in your actual check, think about how much you would have to buy groceries, keep up with your bills or pay down debt.