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An overpayment scam, also known as a refund scam, is a type of confidence trick designed to prey upon victims' good faith.In the most basic form, an overpayment scam consists of a scammer claiming, falsely, to have sent a victim an excess amount of money.
Your overpayment won’t boost your credit score or credit limit If you’ve overpaid your bill by a small amount, you shouldn’t see any negative effects on your account. But you shouldn’t ...
If so, get rid of as much as you can with your tax refund. “Average credit card rates are over 20%,” said Kyle Enright, president at Achieve Lending at Achieve .
Equitable recoupment is a judicially created defense most commonly applied in legal cases in the federal and state tax systems of the U.S.. [1] [2] This doctrine can allow, under specific circumstances, the government to defeat a refund claim or a taxpayer to avoid an assessment on the basis of a past underpayment or overpayment that is outside the statute of limitations period.
In this second scenario, the tax refund isn’t increasing your wealth; it’s a refund of an overpayment, so the IRS doesn’t consider it taxable. How To Determine If Your State Refund is Taxable
Tax refunds are intercepted with the purpose of forcing citizens to comply to their required debts. If one has student loan payments, child support payments, or worker's compensation payments that they have not fulfilled, then their refund will be intercepted and put towards the payments of those obligations.
6 Things You Should Never Do With Your Tax Refund (Do This Instead) This article originally appeared on GOBankingRates.com : Tax Refund: 3 Reasons Why Receiving a $0 Return Could Be Beneficial to ...
However, some people use the tax refund as a simple "savings plan" to get money back each year (even though it is excess money that they paid earlier in the year). Another argument is that it is better to get a refund rather than to owe money, because in the latter case one might find oneself without sufficient funds to make the necessary payment.