tax refund

Definition

The return by the government of excess taxes paid by an individual. If, during the course of a calendar year, an individual paid more taxes than they actually owed (after taking into consderation income tax, withholdings, tax deductions or credits, and other factors), then he or she will receive a tax refund after filing his or her taxes for the year.

Use tax refund in a sentence

You may want to try and use your tax refund on a risky investment and hope to hit it big with it.

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I filed my taxes in March and to my surprise the government owes me a tax refund of $3000 dollars

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We were issued a tax refund, which was good, because it meant that we were getting money back instead of losing it.

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