About Tax Refunds

Will you receive a tax refund or not for 2008? Refunds are depended on many factors but the basics are with-holding taxes claimed, your tax bracket, and how many deductions you claim when filing. If your tax returns are similar each year, usually the refund remains consistent and you may be eligible for a loan against the anticipated amount. If you can live without a loan on the refund, money that isn’t in your pocket anyway, then waiting for the refund can save some interest.

According to taxplantips.com/2008/10/05/tax-refunds.html the Internal Revenue Service reports at least 77% of submitted tax returns receive a refund.  Most of the returns are turned around if mailed in half the time as in the nineties, to the tune of six weeks now. Filing electronically often gets the check out within two to three weeks.

So the take away for the new tax year is to file early electronically and avoid the added expense of loan interest by waiting for the refund.  After all waiting is a virtue because it takes patience.