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Tax Refunds

Tax Refunds

April 15, 2024

Don’t celebrate just yet.

Getting a hefty tax refund may feel like a win, but let's break it down.

Essentially, it means you've been giving the government an interest-free loan all year.

Think of it this way. If you went to your bank and they said to loan them X amount of dollars for the year, but they would not pay you interest, would you loan them the money?

It may be a good idea to consider looking at your tax withholding, or consider using an accountant, to help keep more of your hard-earned money where it belongs – in your pockets!



Disclosure:

Retirement Planning Solutions, LLC is an SEC registered investment adviser. SEC registration does not constitute an endorsement of Retirement Planning Solutions, LLCC by the SEC nor does it indicate that Retirement Planning Solutions, LLC has attained a particular level of skill or ability. This material prepared by Retirement Planning Solutions, LLC is for informational purposes only and is accurate as of the date it was prepared. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Advisory services are only offered to clients or prospective clients where Retirement Planning Solutions, LLC and its representatives are properly licensed or exempt from licensure. No advice may be rendered by Retirement Planning Solutions, LLC unless a client service agreement is in place. This material is not intended to serve as personalized tax and/or investment advice since the availability and effectiveness of any strategy is dependent upon your individual facts and circumstances. Retirement Planning Solutions, LLC is not an accounting firm. Please consult with your tax professional regarding your specific tax situation when determining if any of the mentioned strategies are right for you.