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  1. #1
    Not Banned Vbrah's Avatar
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    Is it better to get a tax refund at the end of the year or have less taxes taken out

    during the year? My friend adds more allowances on his W4 so that he barely gets taxes taken out of his paycheck and then at the end of the year he has to pay the IRS. He said he'd rather do this than get a refund at the end of the year because it's basically like giving the government an interest free loan. Thoughts?
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  2. #2
    Not Banned Vbrah's Avatar
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    bump. any accountant brahs care to chime in?
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    Not Banned Vbrah's Avatar
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    I like to get a refund. I don't miss the difference in my paychecks as much as I enjoy the large lump sum from the return.
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    Registered User ausurfer's Avatar
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    with a tax refund you are basically giving the government an interest free loan ..


    edit: just actually read OP and saw you already basically said what i said word for word ..
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    Registered User Trickmyster18's Avatar
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    What your friend said is essentially true, not sure what else you want to know? Whether its better or not depends on the person and their situation. I always suggest playing it safe so that you aren't surprised around tax time that you OWE a lot more then you planned for.
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    Originally Posted by Vbrah View Post
    during the year? My friend adds more allowances on his W4 so that he barely gets taxes taken out of his paycheck and then at the end of the year he has to pay the IRS. He said he'd rather do this than get a refund at the end of the year because it's basically like giving the government an interest free loan. Thoughts?
    Masters in Accounting, working on dat CPA checking in. Simple bro, time value of money, simplest and most fundamental concept of finance. A dollar today is worth more than a dollar tomorrow. Get less taxes taken out of your paycheck, but not so much you fuark yourself at the end of the year and have to pay a bunch.
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    I've heard that a few times too. I keep mine middle because its easier on the conscience when a little at a time is missing rather than scratching a huge check every spring.
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    thanks for the input brahs. ill look into it some more and hopefully i can adjust the withholding so that i dont receive a refund or have to pay any money at the end of the year
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