Don't Overpay Your Taxes
will not only not be paid interest but also may be money borrowed from the bank, credit union or finance company. Talk about adding insult to injury. Not only is the IRS not paying you interest on the overpaid taxes but you are directly paying interest charges for loaning that same cash. If you are using credit cards, take a look at your interest rates. You may be borrowing at high rates to pay more than necessary in taxes. (Hint, of you are receiving a refund on your taxes, you are overpaying!)
All in all we all have a duty to pay our taxes. However it is not wise and can be downright foolish to overpay taxes. will not only not be paid interest but also may be money borrowed from the bank, credit union or finance company. Talk about adding insult to injury. Not only is the IRS not paying you interest on the overpaid taxes but you are directly paying interest charges for loaning that same cash. If you are using credit cards, take a look at your interest rates. You may be borrowing at high rates to pay more than necessary in taxes. (Hint, of you are receiving a refund on your taxes, you are overpaying!)
All in all we all have a duty to pay our taxes. However it is not wise and can be downright foolish to overpay taxes. It is really not to our financial or credit benefit.
Author Resource:-> Peter Catalano has been a financial advisor for over 20 years. Based in Austin Texas, he educates and provides the tools for clients to make smart choices about their money. Saving on taxes is a part of his holistic approach to helping people. ：
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