What Is a Tax Refund Offset?

What Is a Tax Refund Offset?

You beat the tax deadline and were lucky enough to get a tax refund! But what happens when the amount the IRS has deposited into your bank account is less than the amount you expected. Your tax refund may have been offset by the Treasury Offset Program. Here are the most common examples of past due debts that can offset (reduce) your income tax refund.
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Payroll Tax Changes Affect the Way Americans Spend and Save

Payroll Tax Changes Affect the Way Americans Spend and Save

On January 1, 2013, the American Taxpayer Relief Act put more money back in taxpayers’ pockets with the permanent passage of many tax breaks. The payroll tax holiday, a temporary tax break to help stimulate the economy, however was not extended on January 1, 2013. Our infographic looks at how the expiration of the payroll tax holiday impacts spending habits and how individuals use their tax refunds. Full story