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How The IRS Tax Refund Works And What You Can Do To Manage It

The article by True Tamplin on Forbes, published on February 20, 2025, explains the mechanics of IRS tax refunds and offers strategies for managing them effectively. It outlines how tax refunds are calculated based on the difference between the taxes withheld from your income and your actual tax liability for the year. The piece discusses the benefits of receiving a refund, such as forced savings, and the potential downsides, like giving the government an interest-free loan. It provides tips on how to adjust withholdings to either increase take-home pay or ensure a refund, and what to do with a refund once received, including paying down debt, investing, or saving. Additionally, the article covers common reasons for delays in refund processing, how to track your refund, and what to do if there's an issue with your refund, like an audit or discrepancies in your tax return. It also touches on the importance of understanding tax credits and deductions to maximize your refund.

Read the Full Forbes Article at:
[ https://www.forbes.com/sites/truetamplin/2025/02/20/how-the-irs-tax-refund-works-and-what-you-can-do-to-manage-it/ ]