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Don’t fall for these federal tax refund myths
Once people complete and file their tax return, many of them eagerly await any refund they may be owed. No matter how a taxpayer plans to use their tax refund, knowing fact from fiction can help manage expectations as they wait for their money. This tip dispels some federal tax refund myths that many people believe are fact, but they are pure fiction.
Myth: Calling the IRS, a tax software provider or a tax professional will provide a more accurate refund date
Myth: “Where’s My Refund?” must be wrong because there’s no deposit date yet
Myth: “Where’s My Refund?” must be wrong because the refund amount is less than expected
Myth: Getting a refund this year means there’s no need to adjust withholding for tax year 2023
Taxpayers who experience a life event such as marriage, divorce, or the birth or adoption of a child, or are no longer able to claim a person as a dependent, are encouraged to check their withholding. Taxpayers can use the results from the “Tax Withholding Estimator” to complete a new Form W-4, Employee’s Withholding Certificate, and submit it to their employer as soon as possible. Withholding takes place throughout the year, so it’s better to take this step as soon as possible.
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