If the tax you owe is less than the total of the amount of refundable tax credits that you can claim and the amount of the withholding that you paid, then you can expect a tax refund. Why? The most recent tax law provided for a new 10% tax bracket. This means that, depending on your tax category, the first $6,000 to $12,000 of your earnings will be taxed at 10 percent instead of 15 percent. To a lot of Americans, this seems like good news. But is it really?

Many financial experts are quick to interpret the tax refund as a loan that the government borrowed from you a loan that it is now paying back to you, interest-free. For this reason, some people see tax refunds as an inadequate premium. It is nothing more than excess money you paid, which the government used, and is now giving back to you with no interest.

For a greater majority, however, tax refunds are mere savings money that the government kept for you that you are now going to get back for use in other things. Many Americans are pleasantly surprised to receive tax refunds each year. Most people use the money to pay off debts, beef up savings accounts, and even go on vacations.

To get your tax refund you have three options. You can either let the government directly deposit your tax refund into your bank account, have a check mailed to you, or apply your refund to next year's income tax.

Bank of America, Wells Fargo, and other major banks have a routing number exclusively for direct deposits, which can make your life easier. However, if your account is with a credit union or other type of financial institutions, your tax refund may be rerouted to another institution. Be sure to verify the routing number with your credit union, because it is not always correct on the check. Also, remember that the IRS will not advise you or your bank that your tax refund has been deposited, so its your job to do follow-up work.