The average taxpayer gets a tax refund of about $2,500 every year because they have too much tax withheld from their paychecks. If you're in this group, you probably expect the full amount of your overpayments refunded to you when the IRS processes your tax return. Unfortunately, this is not always the case. The Treasury Department can and does deduct certain types of unpaid debts from your tax refund. Such a deduction is called a tax refund offset. The unpaid debts that can be deducted from your refund include: unpaid child support. state income tax. student loans. debts owed to federal agencies for reasons other than taxes. Moreover, starting in 2014, individuals who are assessed a penalty for failing to comply with the "Obamacare" health insurance mandate can have the pe...
Jun 7, 2013 by Stephen Fishman
May 31, 2013 by Stephen Fishman
May 24, 2013 by Stephen Fishman