this post was submitted on 23 Jan 2025
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What is the point of fast food anymore (lemmy.world)
submitted 21 hours ago by Stamets@lemmy.world to c/memes@lemmy.world
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[โ€“] corsicanguppy@lemmy.ca 1 points 10 hours ago (1 children)
  1. Bump up your employer's withholding by 5%
  2. Get that overpayment back from the IRS
  3. Immediately dump that into a retirement thing that reduces taxable income; like, same-day
  4. Next year you have another 5% windfall and a little more back from the retirement contribution. Put both back into same deal
  5. Repeat forever
  6. Slow win
[โ€“] Furbag@lemmy.world 2 points 3 hours ago

Why would I give the IRS an interest free loan? Taking that same 5% from your paycheck directly and setting up an automatic transfer to a high-yield savings account or an IRA each month would give you better dividends over the same period of time.