 TITLE: What Is a Tax Refund? CONTENT: How to Claim Your Tax Refund\n----------------------------\nAre you due a refund? Here are three common ways to claim it.\n*   **Request direct deposit.** The IRS can deposit your refund electronically into your bank account if you request this option on your tax return. Direct deposit allows you to avoid mail delays and is the fastest way to receive your refund, according to the IRS.\n*   **Receive a check in the mail.** You can request a paper check instead of direct deposit, but expect to wait—even more so if you're mailing in a paper tax return. The IRS anticipates significant delay in both mailing times and the processing of paper returns this year.\n*   **Apply it to your next year's tax bill.** If, for example, you are self-employed and pay quarterly tax estimates, your first 2021 estimate is due on May 17, 2021 (the extended IRS deadline resulting from ongoing challenges of the coronavirus pandemic). Rather than wait for a payment from the government only to pay it right back to the Treasury, you can apply your refund to your next year's taxes and call it a wash.\nIf your refund isn't as robust as you might have hoped, consider working with a tax advisor to maximize your deductions and minimize your tax liability going forward. Although you probably won't be able to reduce your tax burden to zero, you may find ways to bring your overall tax bill down. Consider this as well: A large tax refund may be a sign that you're giving too much money to the government throughout the year. You may want to adjust your withholding or estimated tax payments and keep more of your money as you go. END