What To Do When Your Tax Refund Money Was Less Than Expected
February 22, 2021 | Peyton Sawyer
Most of us look forward to receiving our tax refund money in the mail or through direct deposit. But what happens when your return isn't as much as you expected? It may be no big deal for someone who plans to spend the money on recreation and cosmetics. However, folks who depend on that cash for survival might need a little extra support.
Let Us Help You Work Through The Unexpected Lack Of Tax Refund Money!
How Your Annual Tax Refund Is Calculated
To understand why you didn't get as much tax refund money as you expected, you must first understand how your case is calculated. Each year, the Internal Revenue Service (IRS) adds up how much cash was withheld from your federal return. Then, they subtract your total federal income tax for the year from that total. The sum is what you get back on your return.
The average American's annual IRS tax return was only $2,535 in 2019. That's an 11% decrease from the year before.
Why Tax Refund Money May Be Missing From Your Bank Account
Even if your return was calculated correctly, your refund amount might not match what reaches the bank. Unfortunately, there is little anyone can do about a tax levy from the IRS. Once your tax refund money is taken, it's gone for good.
The Internal Revenue Service has many reasons for taking a citizen's tax refund money before it hits the bank, including these:
- Financial Management Service (FMS) reductions
- Child support arrearages
- State income tax debts
- Federal agency obligations
- Unemployment compensation liabilities
- Civil contractual dutes
To get more information on the cause of your reduced tax refund money, contact the state or federal IRS branch directly. In some cases, you may be able to file a document to get some of your funds back.
TIP: Get more back on your taxes by itemizing your receipts, listing deductions, and filing electronically.
How To Make Up For Missing Tax Refund Money
Most of the time, you won't be able to convince the IRS to return your missing cash. Thus, you have to play it smart with your stash instead. Luckily, that's a lot easier than it sounds because it only requires discipline and diligence. There are also plenty of community resources to check out, plus the payday loans Louisiana has to offer are quite generous.
Either way, we could all use a few tips when our pockets are empty and time is of the essence. So, here are five easy things you can do right now to recoup some of that missing tax refund money:
1. Start Selling What You Don't Want Or Need.
Most people have a few hundred dollars-worth of unwanted or unneeded items in their homes. Meanwhile, a lot of people search online sales sites for deals on gently used goods. Join forces and earn some extra cash on the side.
2. Try To Get A Second Job Or Side Gig.
Second jobs may require a lot of extra work, but at least you won't be broke anymore. Just keep in mind that the more taxable money you make, the more you'll owe to the IRS. So, maybe consider an under-the-table side gig for funds instead.
3. Ask Your Friends And Family For Support.
Your loved ones might not be rich, but maybe they can pool together some extra money to help make ends meet. Even if only ten people gave $50, that's a cool $500 in quick cash waiting in your bank account. Just don't forget to pay it back.
4. Trade Your Old Cars For Title Loans.
Did you know that you can swap a clean car title for a lump sum of cash in the state of Louisiana? All you need is the title itself, the car for inspection, and a copy of your state-issued driver's license or ID to qualify at most places.
5. Get One Of The Payday Loans Louisiana Has To Offer.
The payday loans Louisiana has to offer are simple and convenient, especially at Cash Cow Louisiana. You only need your government-issued driver's license or ID, your most recent pay stub, and a blank check from an active bank account to qualify, although some restrictions may apply.
Remember, if you come into some extra cash, don't misspend it. Instead, pay off major debts, catch up on your bills, and start a savings account for emergencies. Then, tell a friend about using payday loans Louisiana style so neither one of us have to rely on the government again.
Get Louisiana Payday Loans Today
Although filing taxes is a tedious process that should result in some pretty accurate numbers, many people are still surprised when they discover that some of their tax refund money is missing. Therefore, creative measures must be taken to prevent financial upheavals. For many people, the answer lies in the payday loans Louisiana has to offer.
If you find yourself in a bad place because your tax refund money is not what you expected, follow these easy steps to subside the money stress or contact Cash Cow Louisiana to get the fast payday loan cash you need now.