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Tax refund too big?

Maybe it sounds like a silly question: Is it possible to get too much refund?

After all, it’s nice to look forward to a “windfall,” and some people plan an event or project to spend that money on.

The truth is, if you receive a refund, you’ve been loaning Uncle Sam that money—your money—all year. He doesn’t even pay interest! (But you can be sure he’ll charge interest if you’re late paying him.)

If you reduce the withholding from your wages and stash the extra income in a savings account all year, you’ll at least earn an extra dollar or two, plus the security of knowing you hold some extra cash for a cushion in case an emergency arises before you file next year’s taxes.

Changing your withholding doesn’t need to be a shot in the dark. The IRS offers a Withholding Calculator to help you figure an accurate amount. Once you’ve determined what that number should be, fill in a new Form W-4 and give it to your employer or human resources department.

If you need additional assistance keeping more of your money, veteran CPAs Mark Patrick and Raines and their proven team at Patrick & Raines CPAs can help. Contact us at or 904-396-5400.

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Frequently Asked Questions


How much should I withhold from my paycheck?


The answer depends on many factors. Do you prefer to withhold more today so you get a refund next year? (Your money is really an interest-free loan from you to...



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