Why don’t I ever get a Tax Refund? Here’s what you need to know

Tax season can be a thrill for some, but for others, it’s more of a “meh” moment—especially if you never seem to get that coveted tax refund! So, why does it seem like refunds are always out of reach? Let’s break it down.

First off, let’s decode the tax return process. Each year, you file a tax return (ideally with the help of a savvy Accountant), where you lay out all your income and expenses for the tax office to review. This can include:

• Salary from your job
• Investment income (think interest, dividends, and managed funds)
• Self-employed earnings
• Government payments, and more

The big question is, why might you not get a refund? Often, it comes down to how much tax you’ve actually paid versus how much you should have paid based on your total taxable income.

Here’s a common scenario: You might have overpaid on some income sources but underpaid on others. For instance, if you haven’t paid enough tax on your investment gains or self-employed income, your return might show that you owe more rather than getting a refund.

The tax return is essentially your final balancing act. It’s there to compare what you should have paid with what you’ve actually forked out. If you’ve overpaid, you get a refund. If not, it’s time to settle up.

Feeling a bit lost in the tax maze? Don’t worry—our team is here to help you navigate through it all. Reach out today and let’s turn your tax troubles into tax triumphs!