#47 - Why Receiving a Tax Return Negatively Effects the Budget

Is it more beneficial to choose the standard deduction or itemize deductions? They also review many of the common deductions that many tax filers qualify for. In addition, the goal is not to receive a tax return; the average refund is $3,000 and this money can be used to pay down debt such as credit cards and car loans or it can be used as an investment that can achieve compound interest throughout the year. Otherwise, the government holds on to this money for one year. For the stories of the week: starts with the cheapskates. Several topics are revealed from people have about what others do to save a buck or not pay their fair share. Lastly, is the story about a girl that won a car in a raffle and gave it to her coworker so that she would have reliable transportation. IRS Links: https://www.irs.gov/taxtopics/tc501 https://www.irs.gov/help/ita/does-my-childdependent-qualify-for-the-child-tax-credit-or-the-credit-for-other-dependents Cheapskates https://didyouknowfacts.com/27-people-recall-cheapest-thing-ever-saw-someone/ Car Giveaway https://www.postcrescent.com/story/news/local/2021/01/28/months-after-meeting-chick-fil-a-employee-wins-co-worker-car/4173590001/