Tax Refund Myths and Realities – Did You Know? (2/2)

Here are two more key facts you need to know to avoid falling for the myths.

– The refund amount displayed by the Where’s My Refund tool could differ from the amount you were expecting. The IRS may need to adjust a taxpayer’s refund amount for a variety of reasons, ranging from math errors on their returns to outstanding financial obligations. When such an adjustment is necessary, the IRS always sends a letter explaining the change.

– Getting a 2022 tax refund does not necessarily mean that your 2023 withholding is on track. Regardless of how your 2022 taxes came out, you should check your withholding at least once every year. Tax law changes, along with changes in your marital status, family size or many other factors can affect your withholding. You can use the IRS Withholding Estimator tool (link below) to find out if you need to make any adjustments.

If you have not yet filed your 2022 tax return, our tax professionals at RTW Xxact can help you file it electronically with direct deposit, to ensure that you get your refund as quickly as possible. Contact us today. BUZ@RTWXXACT.COM

IRS Where’s My Refund tool:

IRS Withholding Estimator: