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IRS: Larger refunds could mean mistakes were made

Americans are preparing taxes throughout the country to submit to the IRS, and many are excited to see bigger refunds. This may actually be a mistake.

Tax forms used to file your taxes with the IRS to receive a refund or tax bill

When you get a bigger refund, it’s because you paid the IRS too much money throughout the year.

This means the money you’re seeing is money you should have have kept all along.

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IRS: What will my refund be in 2022?

You can change this so it doesn’t happen next year.

You may just adjust what your employer withholds from your paychecks.

If you’re self employed you can lower the estimated taxes you pay.

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File your taxes for free

Check out the IRS withholding estimator tool to see what you should have withheld from your checks.

Don’t pay less than you owe, or you risk being fined.

If you get back thousands in taxes, your withholding is incorrect and should be adjusted.

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