A big tax refund might feel like a windfall - free money! - but in reality it’s a zero-interest loan to the IRS. And zero interest means you’re actually losing ground when you take into account inflation.

So if you’re expecting a big refund from last year, fine tune your tax strategy for this year. Ask your CPA: given certain assumptions about business profitability, W-2, and personal deductions, how much are you likely to owe this year? Pay the minimum required to avoid underpayment penalties, and then tuck the rest aside in an interest-bearing account. Ask your bank about their short-term CDs, or go to bankrate.com to get a feel for the market. Five percent on $20,000 is $1,000 in interest. Now that’s free money.