What is a tax refund?
In the United States, a tax refund is the result of having taxes withheld on earnings that amount to more than a person owes in income taxes for a calendar year. Federal and state taxes are withheld at a specified amount each pay period, and when the year ends, each tax payer must file income taxes by submitting the proper filing forms. In many cases, people have paid more than they were required to pay. When the federal government or state treasurer receives the tax forms, they issue checks for overpayment. This is a tax refund. Some people view a tax refund as forced savings, while others consider a tax refund to be money they allowed the government to borrow interest-free. Those who wish to receive a large tax refund each filing year may purposely have their withholdings set higher than necessary. This increases the amount of money they get back on their tax refund. However, many people mistakenly view their tax refund as free money, forgetting that it was money they earned in the f
