{"id":155,"date":"2024-01-10T19:13:49","date_gmt":"2024-01-10T19:13:49","guid":{"rendered":"https:\/\/chesinc.org\/?p=155"},"modified":"2024-01-10T19:13:49","modified_gmt":"2024-01-10T19:13:49","slug":"so-youre-getting-a-tax-refund-awesome-or-maybe-not","status":"publish","type":"post","link":"https:\/\/chesinc.org\/so-youre-getting-a-tax-refund-awesome-or-maybe-not\/","title":{"rendered":"So, You\u2019re Getting a Tax Refund \u2026 Awesome or Maybe Not"},"content":{"rendered":"

\"\"<\/p>\n

About 70% of U.S. taxpayers are due a refund this year. The average refund amount last year was $3,125. Wow!<\/strong><\/p>\n

\u00a0<\/strong>It\u2019s nice to see a tax refund show up in your bank account, especially if it\u2019s a sizable one. Your tax refund can underwrite a summer vacation, a week\u2019s worth of groceries or any number of investments, depending on your personal circumstances. But the effectiveness of our decision may have more to do with how we think than how much we earn. People in very different financial situations often have one thing in common: they base their decisions on how to use a tax refund on the misperception that it\u2019s a gift from Uncle Sam.<\/p>\n

The Gambler\u2019s mindset: the ante is separate from the earnings. The first $1000 is mine. The second $1000 is Vegas\u2019s and I can do all kinds of things with it because that was never my money in the first place. For many, a tax refund is no different. However, it\u2019s neither a gift or a poker pot. It is money you earned during the previous year. A refund really is part of your earnings.<\/p>\n

Consider this \u2026 a big refund means you are giving the IRS more money during the year than you have to. Also when the IRS sends you a refund, it doesn\u2019t come to you with interest. What?!<\/p>\n

On the other hand, if you owe the IRS at tax time, it means you\u2019re not having enough taxes withheld from your pay throughout the year. While it may be nice to have the extra money every pay period, you\u2019ll have to write a check to the IRS after paying employment taxes all year.<\/p>\n

Ideally, you want your tax bill to come out to $0, or very close to it. If you\u2019re paying the IRS too little or too much throughout the year, adjust your W4 with your employer.<\/p>\n

Here\u2019s a link to the up-to-date W4 form\u00a0https:\/\/www.irs.gov\/pub\/irs-pdf\/fw4.pdf<\/a><\/p>\n

If you\u2019d like to adjust your withholding to get a bigger paycheck and smaller tax refund use the\u00a0IRS tax withholding estimator<\/a>\u00a0to figure out how many exemptions to claim.<\/p>\n","protected":false},"excerpt":{"rendered":"

About 70% of U.S. taxpayers are due a refund this year. The average refund amount last year was $3,125. Wow! \u00a0It\u2019s nice to see a tax refund show up in your bank account, especially if it\u2019s a sizable one. Your tax refund can underwrite a summer vacation, a week\u2019s worth of groceries or any number…<\/p>\n","protected":false},"author":1,"featured_media":156,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nSo, You\u2019re Getting a Tax Refund \u2026 Awesome or Maybe Not - CHES Inc.<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/chesinc.org\/so-youre-getting-a-tax-refund-awesome-or-maybe-not\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"So, You\u2019re Getting a Tax Refund \u2026 Awesome or Maybe Not - CHES Inc.\" \/>\n<meta property=\"og:description\" content=\"About 70% of U.S. taxpayers are due a refund this year. 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