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Donna Bordeaux explains why you shouldn't count on IRS refunds. The agency is backed up for months or even a year, so overpaying taxes just locks your money away. Pay what you owe when it's due and keep the cash in your account.
Donna Bordeaux explains why you shouldn't count on IRS refunds. The agency is backed up for months or even a year, so overpaying taxes just locks your money away. Pay what you owe when it's due and keep the cash in your account.
I don't know if you remember, but back in 2020 I told you don't depend on getting a refund from the IRS because it may take a long time. Unfortunately, my prediction is we are now seeing that backlog of IRS returns where it is taking people at least a year in some cases to get refunds. And even then it may be a challenge and a struggle based on losing information and not getting things processed timely, dealing with notices in between. So please, please do not plan to overpay your taxes. As much as I can tell you, your money should stay in your hands as long as possible. I'm not suggesting that you not pay the irs. I'm suggesting that you pay what you owe when it is due and not before. Then don't give an interest rate loan on your money to the IRS because you may not even get it back.
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