[TruthWillWin]

What’s a tax refund? I always pay on the 15th. If I get a refund must have screwed up somewhere.

[Responsibility2nd]

What’s a tax refund? I always pay on the 15th. If I get a refund must have screwed up somewhere.

________________________________________

Really? Most people think the opposite is true. Why would you screw up and have to pay even more to the IRS?

And don’t claim that an IRS refund cost you money in interest lost. What with rates at .010% - that dog don’t hunt.

[SamAdams76]

A tax refund is usually when you overpay your taxes by having more withheld from your wages than you need to. The amount of withholding is determined from how the W-4 form (on file with your employer) is filled out. Some people go out of their way to have more money withheld so that they can increase the size of their "refund" check. It's kind of a "forced savings" account for those who are not inclined to save/invest in a more advantageous manner. By allowing yourself to be overtaxed, you are essentially giving the government a tax-free loan.

Most people who are self-employed choose to underpay their quarterly tax payments and pay the balance on April 15 - having earned some interest or other earnings on their own money.

For those getting refunds, I strongly urge them to file online as opposed to mailing their returns in. By doing it online, they can track everything as it moves through the system and tax refunds are usually deposited within 7 days of filing. 2-3 weeks at the most.