It is time to celebrate if you get an IRS Refund ...any refund. Even a little one! If you are like me, until you actually do your taxes you have no idea if you will be getting a refund or will have to pay the government, mega bucks!
You should have a general idea whether to expect a refund or a payment to the government but the way the tax code and your personal situation changes from year to year makes it somewhat hard to figure out.
Some people actually do year-end planning so that they can come up with a way to maximize the IRS Refund that they will get each season. Some people use that as vacation money or money to buy something special after a long winter.
Then there are people who would rather have a little more cash from their paycheck each week than to get an irs refund. To them a refund is a waste and they really do not feel the government should use their money for a whole year.
The government has set guidelines as to how much those IRS Refunds should be. There are cases when a refund amount that the government feels is too excessive will cause someone to be audited or even fined.
If you get a good size IRS Refund check once in a while that's okay by the government but...if it happens year after year, you're in trouble. The IRS is going to come after you and audit, audit, audit!
These days you can get out of your old-fashioned way of doing things, get hi-tech and have your IRS Refund electronically deposited into your bank account instead of being mailed to you as a paper check.
Have your taxes done by a tax company and you will know right away, what your IRS Refund will be or you can even get a Pre Paid debit card with your refund already on it.
Overall, an IRS Refund is a very nice thing to get, so look into the ways to make it happen. The choices are yours.
You should have a general idea whether to expect a refund or a payment to the government but the way the tax code and your personal situation changes from year to year makes it somewhat hard to figure out.
Some people actually do year-end planning so that they can come up with a way to maximize the IRS Refund that they will get each season. Some people use that as vacation money or money to buy something special after a long winter.
Then there are people who would rather have a little more cash from their paycheck each week than to get an irs refund. To them a refund is a waste and they really do not feel the government should use their money for a whole year.
The government has set guidelines as to how much those IRS Refunds should be. There are cases when a refund amount that the government feels is too excessive will cause someone to be audited or even fined.
If you get a good size IRS Refund check once in a while that's okay by the government but...if it happens year after year, you're in trouble. The IRS is going to come after you and audit, audit, audit!
These days you can get out of your old-fashioned way of doing things, get hi-tech and have your IRS Refund electronically deposited into your bank account instead of being mailed to you as a paper check.
Have your taxes done by a tax company and you will know right away, what your IRS Refund will be or you can even get a Pre Paid debit card with your refund already on it.
Overall, an IRS Refund is a very nice thing to get, so look into the ways to make it happen. The choices are yours.
About the Author:
Anne Durrel comes from California. She has, combined, over 3 years of experience in IRS. You may want to check out her other guide on free tax help tips and irs refund guide.
