Getting a return from the IRS is way more needed by every taxpayer. It is an amount that you and your employer have given to IRS more than you should have actually given. This may be as much as thousands of dollars for most of the families. Everytaxpayers keep an eye on Tax refund dates 2021 and schedules to know when they are going to get their refund.

If you are one of the taxpayers who is going to get a refund of his 2019 tax year, then he has to make a sensible decision with a clear conscience about what he is going to do with that refund. As it is a great depressing situation the world is fighting with, COVID-19 pandemic situation. You have to think about your refund whether you are going to repay your debt, pay utility bills or just deposit it as an emergency fund.

But as of now, when you are waiting for your refund cheque to arrive, there’s one thing that you can do now so that you may get your money or otherwise you may have to wait until 2021 as per the tax refund calendar to get your refund cheque. You may change your withholding at your work.

No refund is a Smart Option

No doubt getting a refund is a morning wind, but it is not the case. It is the money returned you may have all along. As stated earlier you get a refund because you overpaid the government and they use your fund whole year.

The main problem of refund of tax is that you have paid over tax, and now if you want your money in need, you can’t get it from IRS. Now in this particular pandemic situation, if you need money in an unexpected expense, you cannot request the IRS to get your money back.

But now, if you change your withholding, you may get more inflow in your paycheque every week. If your refund is of an average value of $3000, and you are paid every other week by your employer, you can simply increase your paycheque by $115 just by changing your withholding so you are not going to get a big refund in the next year.
But you could make more than $200 per month and save it as a bigger emergency fund. This could also help you to cope up with unexpected expenses or help any of your family members if anyone is having a salary cut.

Just Grab this Opportunity to Recover your Cash
As far as 2020 is concerned, it is still early. If you are again overpaying the taxes to IRS now, you are not going to get money back for a year or even more. There is no reason to surrender hundreds and thousands of dollars of your hard earned money for months at the time of such crisis.

If you are lucky enough to get paid and still working in this hard time for the economy, then have a conversation with your employer about how to change the withholding amount so that a lesser amount is drawn away out of your cheque. If you are unemployed right now for time being, you may get your withholding forms complete properly when you get back to your work.

The extra money will come into your hands now during this situation of uncertaintity, rather than waiting for the refund in 2021 or checking for a tax refund schedule dates of 2021, if you keep paying to overtax to the IRS.

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I am a writer.