In the next few months, millions of Americans will be receiving a check in the mail from the U.S. Treasury. Many people think it's a refund of the taxes paid last year, but it's not. Technically, the checks sent out in the spring and summer are advances on the taxes Americans are paying now (through paycheck withholding), or the taxes they will pay next April.
by Independent Author
updated May 11, 2023 · 1min read
Have you received your IRS check yet? In the next few months, millions of Americans will be receiving a check in the mail from the U.S. Treasury. Many people think it's a refund of the taxes paid last year; is it?
Nope.
Technically, the checks sent out in the spring and summer are advances on the taxes Americans are paying now (through paycheck withholding) or the taxes they will pay next April.
What's the difference? Not much. The check is good regardless of which pile of taxes it comes from.
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