A large tax refund often indicates that you overpaid your taxes throughout the year, meaning the IRS held your money instead of allowing you to invest it or use it for your own financial goals; effective tax planning involves understanding your income situation and adjusting payments accordingly to avoid unnecessary overpayments.
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A Huge Tax Refund Isn’t Always a WinAdded:
I see a lot of people are like, great.
They count on the refund every year.
That's not That's not good planning.
What happened was is you overpaid your taxes, the IRS kept your money all year, and then paid you back. And by the way, they usually take their sweet time paying you back, especially this if you overpaid state. I had a small state refund coming my way. I'm still waiting.
That money could have stayed invested.
It didn't have to go to the IRS in the first place. If you have a good understanding of your income situation from last year, and then what might be changing for this year that might influence either make your taxes and income higher or make it a little bit lower, then you can adjust accordingly.
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