Tax Refund

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If you have paid too much tax during the course of a year, you are probably entitled to get a tax refund from the federal government. You may also be entitled to a refund from your state government, although as state income tax is lower than federal, any state refund will probably be smaller. You must first file your tax return, and then you have to wait for the IRS or the state to confirm the calculations and send you a check. For a fee, you can usually get your refund quicker. You can also get a refund if you are eligible for certain tax credits. Tax refunds are always welcome, and some people deliberately overpay taxes during the year to guarantee a refund. These people see it as a way to force them to save money, reasoning that if they had the money during the year they would probably spend it. Opponents of this strategy point out that by overpaying tax throughout the year, you are losing the use of that money. For the 2006 fiscal year, the IRS issued over 110,000,000 refunds.