Music. Hi, I'm AJ with AJ mobile money. I really appreciate you taking the time out of your day to watch this video. If you're not currently a subscriber, go ahead and click that subscribe button. Go ahead and click that like button because you're gonna like the video. Also, hit that notification bell so you'll be notified the next time I make a video. Now, the number one way to spend your tax refund is to actually spend it throughout the year. Don't get a refund. That's the number one way to spend your refund. Avoid the refund and spend it throughout the year. Like I mentioned at the beginning of the video, when you're getting a tax refund, that means that throughout the year, every time you got paid, you paid more in taxes than you needed to. And that amount accumulated. The government held onto it and now they're saying, "Oh, you know we really appreciate you paying more taxes than you should have paid. Here's the refund for the amount over the taxes you paid. Here you go. You loaned it to us, the government. You gave the government a zero percent interest loan." So any money that you spend over the amount of taxes that you paid, you're not gonna make any interest off of that money. Now, if you were to go to a bank right now and you needed to get a loan, there are very rare circumstances where you're gonna get an interest-free loan. And even if you were to get one, it's not gonna be through the life of that loan. Now, if they give you a 5-year loan, maybe they're like, "Okay, the first year we're gonna give you zero interest." Now they have the expectation that it's gonna take 5 years or...
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Irs interest rates individuals Form: What You Should Know
The tax on uncollected taxes remains unchanged for the first quarter of 2022 Oct 11, 2024 — Pay period interest payments for individuals are collected on or before the due date for that pay period. Pay period interest for corporations are collected on April 15, April 29, June 23, and September 15 for the following 5 pay periods. If there is no payment, the amount due for the remaining payment period is assessed on the date the corporation files its return. Interest rates are fixed for the 1st quarter of 2022 The rate of interest in the first quarter of 2023 Annual Interest and Minimum Amounts | Internal Revenue Service In 2018, the U.S. Department of the Treasury is proposing new and revised tax laws that increase the annual interest rate on Social Security benefits to 5.75% effective in January of each year on any amount of benefits for which a Social Security Administration report was issued that contains a rate of 6.2% or greater on the date of the report. Under the proposed legislation, the rate of the Social Security interest rate on the amount over 20,800, plus the maximum amount of payments which can be made under the Federal Insurance Contributions Act (FICA) (i.e., if the overpayment rate exceeds 6.2 percent) will be increased from 6.2% to 6.75%. In 2018, the U.S. Department of the Treasury is proposing new and revised tax laws that increase the annual interest rate on Social Security benefits to 7.5% effective in January of each year on any amount of benefits for which a Social Security Administration report was issued that contains a rate of 7.2% or greater on the date of the report. Under the proposed legislation, the rate of the Social Security interest rate on the amount over 20,800, plus the maximum amount of payments which can be made under the Federal Insurance Contributions Act (FICA) (i.e., if the overpayment rate exceeds 7.2 percent) will be increased from 7.2% to 7.75%. In 2018, the U.S. Department of the Treasury is proposing new and revised tax laws that increase the annual interest rate on Social Security benefits to 7.
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