Why Getting a Tax Refund Means You Need to do This [VIDEO]

February 25, 2016 : Mike and Lauren – Guest Contributors

It’s exciting to get a tax refund. And a lot of us get them. Last year, the IRS issued 109 million tax refunds, with the average amount being $2,797. 

But what if getting a refund actually signaled something bad? Unfortunately, for many taxpayers, getting a refund could mean that you are allowing the government to hold your money, interest-free over the course of the year. We talk about how to make sure you are having the right amount withheld from each paycheck, instead of overpaying.

Read more about Form W-4. And see how changing allowances and withholdings affects your taxes.

Related Topics

Related Resources

How Long Does It Take? IRS Penalty Abatement

How long penalty abatement takes depends on the type of penalty relief you’re requesting. Learn more from the tax experts at H&R Block.

What You Need to Know About an IRS Statutory Notice of Deficiency

The Statutory Notice of Deficiency is part of a series of notices sent by the IRS to propose additional tax, penalties and interest. Learn more from the tax experts at H&R Block.

IRS Letter 2194 – Alternative Minimum Tax Proposal Letter

The IRS thinks you may owe Alternative Minimum Tax (AMT). Learn more about IRS letter 2194 from the tax experts at H&R Block.

IRS Letter 3289 – Notice of Determination Concerning Request for Innocent Spouse Relief

Did you receive IRS Letter 3289? Learn more about letter 3289 and how to handle it with help from the tax experts at H&R Block.

Mike and Lauren – Guest Contributors

Mike and Lauren – Guest Contributors

Guest Contributor

Mike and Lauren began their YouTube career in 2008, when they went backpacking through Europe for 2 months, spending less than $10,000. They are determined to “retire” by Mike’s 31st birthday in 2018, documenting their journey and providing financial tips and tricks along the way.