Well most of the tax year is now behind us. Many will get a tax refund in early 2009. A few will need to pay the IRS. How well did you do?
According to a recent IRS Newsroom article, federal tax refunds totaled $202 billion in 2003. Nearly 100 million taxpayers or 3 out 4 taxpayers got refunds. The average refund was about $2000.
This refund comes from money you overpaid the IRS all year long, and is based on how much you tell your employer to withhold from your paycheck each week. Taxpayers had an average of $40 a week too much withheld.
The article says that taxpayers that pay too much throughout the year want their tax refund, “ASAP, yesterday, not one day after ASAP.” The article says it’s ironic that the same people who could have kept their money when they had it – but chose not to – are such hurry to get it back?
And many repeat this process year after year after year, the article says. Some say they use the extra tax withholding as a “forced savings” method. But the IRS says, the article syas the IRS doesn’t pay interest and that these people would be better off keeping the money each week and either investing it or eliminating debit.
that paid too much want
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