Americans Are Very Dependent on Tax Refunds This Year -- and That's a Problem
It's very hard to break even when paying your taxes. You can play around with your withholding and pay estimated taxes on your side earnings, and at the end of the day, you might approach tax season still unsure whether you're due a refund or owe the IRS money.
Of course, most Americans would rather land in the former boat, and understandably so. In fact, 55% of filers are excited to get their hands on a refund this year, reports financial company Self in a new survey. But among those, one-third admit that they're "very dependent" on having that refund come through. At the same time, 44% of Americans say that owing the IRS money during tax time would completely throw their finances off-course this year.
If this isn't the first year you've been reliant on a tax refund, you should know that it's a very dangerous path to get stuck on. And the sooner you recognize that, the sooner you can make financial changes that will get you to a healthier place.
Source Fool.com
