There’s been talk about how indecision in Congress surrounding alternative minimum tax reform will delay IRS refunds for the 2007 tax year. Why? Because Uncle Sam and his minions can’t get to work on those complex and oh-so-fun-to-fill-out tax forms.

Investment News reports that Deputy Treasury Secretary Robert Kimmitt confirmed today that we’ll all be waiting a little longer for our money back than in years past.

This should be of particular concern to folks that use tax refunds as a savings strategy, bill-paying strategy, or debt-payoff strategy.

If you are expecting a big ol’ refund, you could check with your human resources department about changing your paycheck’s tax withholding, but with a little more than a month left in the year, I’m not sure it would make much of a difference. Calculate your tax withholding here (warning, you’ll need to dig out some old tax docs and pay stubs).

Tax accountants out there, any last minute fixes for folks who want more money in their pockets today and less in IRS limbo-land?

This entry was posted on Friday, November 16th, 2007 at 3:20 pm and is filed under taxes. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.