You're Getting a Tax Refund? You Messed Up.

Hopefully, many of you have already done your taxes by now and know whether or not you are getting a refund or not.

While it may seem that getting a refund is great, it actually means you overpaid during the year. You gave the government a free loan, and now they are paying you back. Wouldn't it have been better if you never gave them a loan at all?

If you are getting a substantial refund, it may be because you have some deductions, lowering your tax bill. If this is the case, you'll want to lower the amount your employer withholds from your paycheck. Talk to your HR administrator and ask to revise your W-4.

You'll want to increase your exemptions in order to reduce the amount of withholding from your paycheck. You'll end up getting bigger paychecks and earning money in your bank account rather than giving out a free loan.