Daily Staff Writer

Gary Maydew, an accounting professor at Iowa State, said “receiving a tax refund is like giving the government an interest-free loan.”

Maydew, who said he doesn’t get a refund, said next year, people should adjust their withholding certificate (W-4) to claim as few exemptions as possible so that they will keep their money throughout the year instead of lending it to Uncle Sam.

Though Maydew admitted “it is true if you’re not disciplined” that the tax refund serves as a savings account for some people, he said it is in the individual’s best interest to save his or her money throughout the year.

The Volunteer Income Tax Association (VITA) offers free on-campus tax advice to students each year at tax time. The group, sponsored by the IRS, is comprised of students, most of whom are in accounting, who lend their tax knowledge to students.

Maydew’s advice for students who fear graduating under a mountain of debt is to avoid credit cards.

“I think the credit card agencies are much too liberal in granting credit cards. It’s a shame. It’s very easy for students to get over extended,” Maydew said.

Students should try not to charge on credit at all, if possible, he said.

“If you do, don’t pay anything you can’t pay off at the end of the month. The tendency is to spend more because you have a credit card,” Maydew said.