There is only one week left before the tax season comes to an end for 2012.
Every year at this time, people tend to ask the same types of questions. Let us examine some of the more common issues that people wonder about at this time of year.
Most people are very concerned about whether or not they will get a tax refund. Even though you know the refund is your own money, you tend to be happy when you get a refund and you are likely to feel upset if you have to write a check to the government.
Last year, Americans received $318 billion dollars of tax refunds from the IRS. This year, the number may be even larger. Last year, the average refund that was received was close to three thousand dollars. Getting a tax refund like that can be very exciting, especially if you have been a bit short of money recently.
What do many tax payers do with their annual tax refunds? Nearly one third of people spend the entire amount. About fifty percent of people receiving a refund put it in the bank or use it to pay off some of their debts.
There are some people who like to pay their taxes when they submit submit their tax return at the end of the tax season. They do not want the government to receive their money any sooner than necessary.
If you prefer getting a refund of your taxes when the tax season has ended, you can ask to have the amount of taxes you pay to be increased throughout the year.
Slightly more than one percent of the tax returns that are submitted in the tax season will be audited.