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Don’t blow your tax refund! Four ways to invest it wisely

Source: cnbc.com - Feb 14, 2020

Many Americans seem to be addicted to income tax refunds, even though financial planners often advise having less tax withheld from your pay throughout the year as the better way to manage your cash flow. Nearly two-thirds of taxpayers — more than 111 million Americans — received a refund from the Internal Revenue Service last year. The average tax refund windfall was $2,869.

Some taxpayers admit they know they could pay less in taxes throughout the year, if they changed the amount of tax that is withheld from their pay. But nearly two-thirds (63%) of those surveyed in a new report from Kiplinger’s Personal Finance Magazine and Barclays U.S. Consumer Bank said they would rather get a refund. Only 37% said they would prefer a bigger paycheck.

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Category: General Business