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Juicy tax return this year? Spend wisely.

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Last year the IRS doled out over 110 million income tax refunds, averaging $2,803. Another way to look at it is that collectively, Americans overpaid their taxes by nearly $310 billion in 2012.

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Part of that is understandable: If you don’t have enough tax withheld throughout the year you’ll be hit with an underpayment penalty come April 15. But  by over-withholding, you’re essentially giving the government an interest-free loan.

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