The average American will get a tax refund this year about $1,000 higher than usual. That’s according to a Piper Sandler study cited by the Wall Street Journal.

“Some taxpayers, especially upper-middle-income taxpayers with high state and local taxes, could see surprise refunds of an extra $10,000 or more,” the WSJ story reported.

“That means people are paying … more in taxes via withholding than needed and could instead keep a bigger portion of their paycheck throughout the year. If your refund this year is $1,000 higher, for instance, you could instead get $45 more twice a month in your paycheck starting in February.”

If your refund increases by $10,000, you could get $450 more per paycheck.

Why? The new tax law is favorable to many.

Getting money back from the IRS when you file your taxes is exciting at the time. Who doesn’t love cash, especially if it’s a bit unexpected?

But it’s also not a great long-term proposition. Especially if you’re good with your money. You’re essentially providing the IRS with a free loan.

“I’d prefer that you get no refund at all,” Clark says. “If you are getting one, it means that you’ve made an interest-free loan to the government and your money has been working for them — not you — all year long.”

Instead, you could get extra time with your money earning interest in a savings account, growing in the stock market, paying off debt or however else you plan to use it.

If you fall into this category, consider filing a new W-4 with your employer and adjusting your withholdings.

Is inflation going away? The reality is that while the rate of change might slow down to 2% or 3%, the cumulative "stacking" of past inflation remains, leaving consumers anchored to old prices while fighting for higher wages. Wes Moss explores why we can’t afford to get complacent and how this cycle is exactly why we invest in the first place. Also, Wes peels back the layers of the market to examine the two main "flavors" of investing: Growth vs. Value. Using the analogy of apples, Wes breaks down the fundamental differences between the fast-moving, low-dividend world of Growth stocks (like Amazon) and the mature, dividend-heavy world of Value stocks. Which fits best in your portfolio?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

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_{For T&Cs and to view the full collection of trips in 85+ destinations, visit rei.com/travel.}