Tax Refund - ENGAGE CPAs

A tax refund from the IRS just means that you overpaid the IRS and gave them more money during the year than they were entitled to. Getting a tax refund is the equivalent of overpaying on your rent and then being really excited when the landlord gives you a check back for the difference 9 months later.
As a business owner, you can pretty much kiss those refunds bye because of the way you're taxed. Unless you're very methodical about your tax estimates, there will likely always be a balance due because there is no tax withholding on self-employment income.
Some people think of tax refunds as a bonus that they can use to splurge or go on vacation with. But it's not really the government's money you're spending, it's your money because you overpaid your tax bill. The reliance on the tax refund can often be an issue for taxpayers who are self-employed and have a spouse that has a W2 job. If the W2 worker in the family is used to a tax refund every year, they'll find out quickly that their overpayment is covering the other spouse's tax bill because they either under-withheld or didn't pay enough tax estimates. And this usually leads to an uncomfortable conversation and a wake-up call that tax planning is needed.