TaxWatch: Stop celebrating your tax refund — it’s a 0% loan to the government

Stop browsing the travel sites for late-winter getaways. Stop eyeing up new 72-inch televisions or the lease on a new car.

If you’re one of the tens of millions in line for a big tax refund check this season, there’s one other step you should think about taking before you spend a dime: Review Form W-4 filed with payroll at work.

People getting refunds effectively gave the government an interest-free loan for use of the money.

—Jackie Perlman, principal tax research analyst at H&R Block’s Tax Institute

That form tells your employer how much tax to deduct from every paycheck.

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