November 30, 2022

Could I Be Owed a Tax Rebate?

You may be able to receive a tax rebate if you’ve owed money to the federal government for past tax returns. However, you must understand that your refund may be intercepted. This can occur when you’ve overpaid child support, spousal support, or unemployment benefits. If this happened, you’ll need to contact the agency that intercepted your refund.

The IRS may have mistakenly sent you a higher refund check than you really owe. This is why it’s critical to wait until your refund check arrives to avoid a shopping spree. You might also receive a refund check with less money than you anticipated.

The best way to avoid overpaying your taxes is to save the extra money in an interest-earning savings account or retirement account instead of paying too much tax. You should also make sure that you fill out your W-4 correctly. And make sure that you update it if your life circumstances change a lot.