Comments on: Is It Better to Get a Tax Refund or Owe the IRS? https://www.moneyahoy.com/is-it-better-to-get-a-tax-refund-or-owe-the-irs/ Money Saving, Making Money, and Investment Ideas Sat, 24 Apr 2021 19:50:49 +0000 hourly 1 https://wordpress.org/?v=4.9.23 By: Derek Chamberlain https://www.moneyahoy.com/is-it-better-to-get-a-tax-refund-or-owe-the-irs/#comment-11215 Thu, 30 Apr 2015 22:53:58 +0000 http://www.moneyahoy.com/?p=2979#comment-11215 Brock,

For me, one way or the other, it doesn’t matter all that much with ZIRP 🙂

]]> By: Derek Chamberlain https://www.moneyahoy.com/is-it-better-to-get-a-tax-refund-or-owe-the-irs/#comment-11205 Tue, 28 Apr 2015 11:38:46 +0000 http://www.moneyahoy.com/?p=2979#comment-11205 I look forward to the time when getting the money out up front will actually be worth it! I guess that means higher inflation rates though…

]]> By: Derek Chamberlain https://www.moneyahoy.com/is-it-better-to-get-a-tax-refund-or-owe-the-irs/#comment-11204 Tue, 28 Apr 2015 11:38:04 +0000 http://www.moneyahoy.com/?p=2979#comment-11204 Abigail,

Thanks for stopping by! I guess if people aren’t going to save, it probably doesn’t really make a difference to get the money upfront in small quantities each month or all at once. Either way, it is probably going to get spent for 90% of Americans.

]]> By: Brock @Cleverdude https://www.moneyahoy.com/is-it-better-to-get-a-tax-refund-or-owe-the-irs/#comment-11201 Mon, 27 Apr 2015 13:33:11 +0000 http://www.moneyahoy.com/?p=2979#comment-11201 It really depends upon the person – if someone is disciplined with their money, they should take the money during the year, and invest it. If someone has difficulty forcing themselves to save, having extra taken out in taxes may be a great way to ensure they save money (of course, as long as they take the refund and do something productive with it). As you mentioned, the interest rate of savings accounts is basically zero anyway.

]]> By: Abigail @ipickuppennies https://www.moneyahoy.com/is-it-better-to-get-a-tax-refund-or-owe-the-irs/#comment-11195 Fri, 24 Apr 2015 17:56:41 +0000 http://www.moneyahoy.com/?p=2979#comment-11195 I don’t mind a small refund, since I hate the stress of finding out we owe money. Plus there is the risk of penalties if you failed to pay the same amount as the year before.

But when we get bigger refunds — this year the IRS owed us around $750 — I’m annoyed. That’s money that could’ve gone into savings.

I know tax refunds are the only way some people save. Including my aunt and uncle who are actually quite good with money overall. It’s strange.

The problem with the savings argument is that most people treat the refund like found money. So it doesn’t go into savings. Instead, they spend it on electronics or vacations or whatever.

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