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Good time to remind people to file your tax returns as soon as possible if you're expecting a refund, and delay your return as long as humanly possible with extensions if you're expecting a bill.
Just to add full context, if you owe money and fill an extension till October you could have to pay a 25% penalty on what you owe.
I was just thinking about this myself. These fuck sticks are going to break everything, and I have probably $10k coming back to me. I'm also thinking about changing my deductions on my paycheck so I'm not overpaying next year. I do it as a sort of forced savings account which I know is a bad idea in that it's giving the government a free loan essentially, but I also know I'm not a saver, so I do it to get a nice windfall every April. I don't trust this government to hold my money for a year.
Definitely change your deductions ASAP. Never loan the government free money, because you could be earning your own interest on that money and come out ahead.
Consider setting up a savings account at your bank or credit union that allows automatic scheduled transfers. Set up a transfer that's scheduled for every paycheck date that is a couple hundred dollars so you don't even have to think about it. Then every 6mo or so, take what you have in that savings account and put it into a CD so it earns real interest and not the .05% crap most savings accounts provide (and also time locks it so you dont "accidentally" spend it.) That's the bare minimum.
If you have a employer sponsored 401k or similar retirement account, increase your roth IRA post-tax deductions. I wouldn't put all your savings into it though, because it's not accessible cash in case of emergency- but at least put enough in to have something earning ROI, or to take advantage of an employer safe harbor match.
The cents of interest is not worth losing access to a non-accessible savings account.
Your advice is great for someone with lots of disposable income, not great for those living pay check to pay check.
What's the difference between a time locked CD and paying excessive tax withholding to the government that you don't get back until the following year? Its not available either way.
I only ever buy CD's 6 to 12mo at a time, you arent required to buy some long term 36 or 48mo CD.
The point I am making is that OP apparently has that extra income but is not utilizing it right. He's loaning it to the government for free if he gets a 10k tax refund yearly, that's actual insanity. No properly set tax withholding should ever have a refund more than $500-1k.
Hell, 10k in a 12mo CD right now is an extra $450 in your pocket yearly. Rather than loaning it to the government for free, you can make some side cash with it.
Plus he can fine tune his savings rate to be more comfortable for the rest of the year rather than waiting for that refund check to breathe easy.
I have a good chunk of money getting 4% APY right now. I just mainly do the overpayment on my paycheck so I get a big payday in April. I know my money is better off there, I just like having money set aside that I cannot touch. In theory I can just set a direct deposit to an account and just not log in and throw away the debit card, which is probably what I'll do, but I'd rather this not be forced upon me by having absolute morons raiding our government's coffers to worry about.
I find it just too convenient to have the extra couple grand once a year, it normally ends up coming in when I'm out of work anyways so saving it is pretty hard
Literally just set up a high yield savings account and autopay that money there every paycheck. Check the account once a year. Same thing but you'll get more back due to interest.
Genuinely can't cintotk yourself? Consider bonds (or CDs if you really distrust the government).
The Office of Personnel Management (OPM) had offered eight months of severance for voluntary resignations
They absolutely have not.
They said it was possible but they have zero authority to even set an end date.
Like, even pretending we had a budget, OPM can not offer this. It's like if the DMV told you that the IRS might give out $10k if you file taxes before January 1st.
They said it...
And maybe it's true.
But it doesn't mean anything, and parts of it really aren't possible
OPM finally acknowledged it's possible they might not get the funding to do this from Congress and then tried to compare it to getting furloughed. The mental gymnastics were Olympic level.
4 different unions are suing them over it...
It's not exactly OPM realizing anything, they're actively fighting multiple lawsuits over not acknowledging that...
Like, I guess if there was 5 lawsuits it would be more opposite
Oh, absolutely. I was just surprised they said anything at all about it.
The OPM was hacked by Elon Musk putting an email server in there. Elon Musk and his cronies are the ones sending these emails, not the OPM.
Wait! I can get $10k if I file taxes before Jan 1st?! Guess I missed the boat this year...
Playing out exactly like twitter.
If anyone takes this deal they're gonna get let go and never going to get the money they're owed.
If you work in a federal position your best bet is to fight them tooth and nail cause whatever candy they're offering doesn't exist.
They're going to go after poor and middle class people.
LOL too bad. Maybe they should demand 10x their salary.
Wait, I thought Elon and his DOGE cronies were in charge of monies now. What's the IRS even for?
Debt collectors for doge
Elon and DOGE took over the Treasury, not the IRS.
He has the power to shut down the economy. Because he wants to.
Sike!
Were you trying to type "Psych?"
No I was trying to say《scythe》
Cyc!
Sovereign wealth fund hasn't been properly setup yet.