Tax Refund Definition: A tax refund is provided as a reimbursement when more taxes are deducted and paid during a tax year than required.
This excess amount is calculated with a tax return, which determines how much you will receive as a return.
Based on the income bracket, a tax refund may occur when more taxes are deducted from a paycheck than needed.
Additional benefits, such as registered retirement savings funds, and other tax-sheltered investments or deductibles, can reduce the amount you pay in taxes and increase your refund amount.
Essentially, the excess amount you pay in taxes is an interest-free loan paid to the government, only to be refunded after the tax return is submitted.
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