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What is a Tax Return?

Updated: 9/27/2023
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12y ago

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A tax return is the money you receive back from the government when they calculate that you over pad on your taxes throughout the year. If taxes are automatically deducted from each paycheck, your paycheck is your net income. The government often takes more than they are supposed to receive. If you file your tax return documents on time, you will typically receive a check in the mail of the difference that you are owed. If your paychecks are given without deducting taxes, you will owe the IRS money at the end of the year.

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Tax return loans are when an individual borrows an amount of money against their tax return.


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