Suppose twice earlier than celebrating that giant refund verify from Uncle Sam.

The IRS had doled out 45.5 million refunds as of Feb. 28, with the typical refund verify totaling $3,064. That quantity is simply $four lower than final 12 months's common refund.

Filers have causes to have fun their small windfall. Most have bold plans for his or her small windfall, together with shoring up their financial savings and paying off debt.

Here is the draw back of getting a big verify from the IRS: It means you voluntarily overpaid the taxman final 12 months.

"Most individuals are actually joyful concerning the refund as a result of it is cash going again to them," stated Sean Stein Smith, CPA and member of the American Institute of CPAs' monetary literacy fee.

"However any refund you are getting again is since you had an excessive amount of tax withheld out of your paycheck throughout the entire 12 months," he stated.

Whether or not you owe Uncle Sam or get a refund within the spring will rely upon a doc your employer...