{ "media_type": "text", "post_content": "Please stop the talk about refunds from the IRS being interest free loans. By that rationale we need to get paid everyday so we're not giving our employers the same. It's not an original thought!", "post_id": "5e4dda32f052b5002314bd23", "reply_count": 9, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }

Please stop the talk about refunds from the IRS being interest free loans. By that rationale we need to get paid everyday so we're not giving our employers the same. It's not an original thought!

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But it is a fact

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Also, the "tax-free loan" isn't just the refund part. It's the whole thing. I paid around $35k in taxes in 2019. If I could have held onto that and invested it before cutting one check to the IRS in April, I'd have made several thousand dollars investing the float.

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And I'd rather have a refund as opposed to a bill for any amount. The other interesting thing is people always say this but never exactly say how you do your taxes to ensure you end up with zero do or a very small payment. Even if you assumed a 10% interest rate (which would be ridiculous), that's a whopping $100 for every $1000 you get back

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I mean, there is some discussion of that... Planet Money did a podcast on it actually (Episode 957)

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Right?! Unless you have serious plans to spend the .$04 in interest on your $1000 refund...

Just did my taxes today and ended up with a $200 refund. We met with our accountant in August to review where we were at the time, estimate where we would end up, and adjust our withholdings accordingly.

That said, I totally get the “tax free loan” complaint when people are getting $7-$10K but $1,000? Not really significant

Ha you’d be surprised. I’m in a few different finance groups, and I’ve seen people asking how they should spend their substantial refund. Those people generally act like it’s free money from the government though...

To be fair. This started, or at least was popular, when many of us old timers were getting more than 10% interest in the 70s and 80s.

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