Tax Refunds and Withholding

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The most important thing most people want to know about their tax return is how much tax refund they will get back.

As you use TaxAct, you can see how much you owe or are receiving as a refund as you enter information on your return. As TaxAct helps you find every tax benefit to which you are entitled, that number should look more and more favorable.

No one complains when they get a healthy tax refund.

Nevertheless, the first thing you should do when you get an especially large refund is to make sure it doesn't happen again next year.

Getting a huge refund every year means you're having too much income tax withheld from your paycheck all through the year, or you're paying too much in estimated taxes.

You can make better use of your money by keeping it in your control all year.

If you have high interest credit card debt, you're better off using the money to pay off that debt as soon as possible. If you have an emergency, your money should be someplace where you can access it if you need to.

If you use overwithholding as a kind of forced savings plan, consider other automatic savings plans that give you a better return and let you keep your own money. You can have your employer deduct some of your pay for a retirement plan, or deposit it directly into savings for you. Or you can set up an automatic online plan for investing or transferring to a savings account.

Some people hesitate to lower their income tax withholding because they're afraid they might end up owing money when they file their taxes. They'd rather shortchange themselves all year than possibly end up with a bill at tax time.

You don't have to choose between having way too much withheld or worrying about owing taxes at the end of the year. Using the Form W-4 Withholding section, you can make sure your income tax withholding more closely matches the amount you owe the IRS when you file.


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Upcoming Tax Dates

March 1 — Farmers & fishermen
File your 2016 income tax return (Form 1040) and pay any tax due Details

March 10 — Employees who work for tips
If you received $20 or more in tips during February, report them to your employer Details

March 11 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of February. Details

March 14 — Regular method taxes
Deposit the tax for the last 13 days of February.0

March 15 — S Corporations
File a 2016 calendar year income tax return (Form 1120S) and pay any tax due Details

March 15 — S Corporation election
File Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2017. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2018.

March 15 — Partnerships
File a 2016 calendar year return (Form 1065) Details

March 15 — Electing larger partnerships
Provide each partner with a copy of Schedule K1 (Form 1065B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K1. This due date applies even if the partnership requests an extension of time to file the Form 1065B by filing Form 7004

March 15 — Partnerships
Electing large partnerships: File a 2016 calendar year return (Form 1065-B) Details

March 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule Page 6 Publication 509 (2015) applies, deposit the tax for payments in February.

March 15 — Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in February.

March 25 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 14 days of February.

March 29 — Regular method taxes
Deposit the tax for the first 15 days of March.

March 31 — Electronic filing of Forms W2
File copies of all the Forms W2 you issued for 2016. This due date applies only if you electronically file.

March 31 — Electronic filing of Forms W2G
File copies of all the Forms W2G you issued for 2016. This due date applies only if you electronically file.

March 31 — Electronic filing of Forms 8027
File Forms 8027 for 2016. This due date applies only if you electronically file.

March 31 — Wagering tax
File Form 730 and pay the tax on wagers accepted during February.

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