"I want YOU to get a large federal income tax refund."
Why does Uncle Sam want me to get a large income tax refund?
First we have to understand, what is the reason some people get refunds when they file their tax return?
It is because after comparing how much tax they had to pay for the year and how much they actually paid, it turns out that they paid too much taxes. This excess amount of tax is return to the taxpayer as a federal income tax refund.
Really the money belongs to you but Uncle Sam is using it throughout the year and giving it back to you at Tax Time without interest.
Now we can understand why the IRS likes large refunds. Instead of borrowing money and paying interest they use the taxpayers' money as an interest-free loan.
So what do YOU want?
A large refund check at the end of the year or pay less taxes throughout the year?
I know that some people will not want to give up on the BIG refund check, but for those who want the money earlier it's time to go over your W4 form to make sure you get all your deductions.
Note: Take care when filling out your W4 form not to overdo it if you want to avoid having to pay the IRS a check at the end of the year. The IRS does charge a penalty if you pay too little throughout the year.
Whichever way you choose, remember that the most important thing is not how much your refund check is, but to get the most deductions and credits available to you.
This will increase your bottom line allowing you to keep all the money that is legally yours.
You can find these tax credits and deductions by
browsing our website.
Want more information on IRS Tax Refunds?
Updated December 19, 2012
› Tax Refund
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