Definition of Tax Refund
What is a tax refund? What is the definition of the term tax refund?
A tax refund occurs when a person or company pays more taxes than they should have and subsequently receive money back from the government.

Or, let’s say that you work at a standard 9-5 job and your employer deducts your taxes at source. You have a couple of deductions which lowers your tax burden, which results in you receiving an income tax refund in the mail.
Millions of Americans receive income tax refunds every year. Some save the money, but most will spend it on trips, electronics or other purchases.
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