What is Tax Refund ?

If you only get the family element of Child Tax Credit, your payments will be reduced by 100% whatever your income is.

Continual business losses (meaning you write-off more than you make), leaves you are at higher risk of receiving an IRS audit.

you can write off your hobby-business expenses up to the amount you earn.

If you earned $1000 but had $1,500 in expenses from your hobby business, you can deduct $1,000.

If the total deductible expenses for your business are greater than its income then it will have a loss for tax purposes.

Although it's always exciting to get a check in the mail, a tax refund is not necessarily a good thing. If you receive a tax refund, it means you have had more taxes taken out of your paychecks than is necessary. It's akin to giving the government an interest-free loan. Thus, a tax refund is usually an indication that the taxpayer needs to do some better tax planning.

The business will not have to pay tax and the loss can generally be used to reduce income in future income years.

The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018.

The nation's tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.

The IRS states that nine out of 10 e-filed tax returns with direct deposit will be processed within 21 days of IRS e-file acceptance.

Mailed paper returns – Refund processing time is 6 to 8 weeks from the date the IRS receives your tax return.

The Child Tax Credit is $1,000 per qualifying child. A child must be your dependent and under age 17. The amount of the credit is reduced starting when your adjusted gross income reaches IRS limits.

Unmarried parents. A. It's up to you. Since he qualifies as a qualifying child for each of you, either parent may claim the child as a dependent.

If you can't decide, the dependency claim goes to whichever of you reports the higher Adjusted Gross Income on your separate tax return.

Every year we all file income tax returns (ITR) but most of us are not sure about how the process of claiming income tax refund works. For the FY 2017-18, the last date of ITR filing has been extended from July 31, 2018 to August 31, 2018.

You are eligible to receive income tax refund when you have paid more tax to the government than your actual tax liability. This usually happens when the advance tax, self-assessment tax paid or TDS deducted of the taxpayer is higher than the total tax liability of a taxpayer.

As per the Income Tax Act, a person is required to file his/her return in the relevant assessment year by July 31 to claim the refund. The FY immediately succeeding a financial year is the relevant assessment year (AY) for that FY.

If refund is due to a taxpayer, section 244A states that interest shall be payable to the taxpayer/assessee subject to certain terms and conditions.

Interest on refund is payable to an assessee if the following terms and conditions are fulfilled: - If the return is filed on or before the due date i.e. July 31st of the AY relevant to the FY for which the return is filed.

Where refund is of excess self-assessment tax paid: period shall be from the date of furnishing of return or payment of tax, whichever is later to the date on which refund is granted."

However, no interest is payable if the amount of refund is less than the 10 percent of the tax liability. Also, if the payment of refund is delayed due to any action of the deductor then such period shall be excluded from the total period for which interest payable is calculated.

Income tax is a source of a lot of pain for people. People pay taxes each year and complain about it but rarely read and investigate why they are supposedly required to pay. The reason for that is because the “Powers That Be” have done a great job during and lying to the public. And they have hidden the real nature of the tax law behind 75,000 pages and 60,000,000 works of tax “law.”

the taxes that were put into place back then, were a fraction of the size they have now become, leading us to question whether things have now gotten out of hand, an understatement whichever way you look at it!

The whole process will take a minimum of 4-6 months to receive the funds from the time they file. There are 3 different acceptable forms of certified identification. If you are using a passport, it can stand alone. If you are using a driver’s license, you will need one other form of ID such as a birth certificate. They are the agents of the IRS, can help certify your I.D.

If you are new in tax filing then it will be better for you to get the assistance of any professional tax refund agency. As, their members are more knowledgeable and definitely provide you best assistance for your tax refunds. Although, it takes some time to refund your money.

A tax refund is a refund of tax which has been overpaid. you start a new job and are taxed under an emergency code for a while

There is no separate procedure as such in order to claim an income tax refund due to you. You can claim tax refund by simply filing the return of income in the usual manner. Ensure your return is electronically verified through aadhar number otp, EVC generated through bank account or physically verified by posting the signed ITR-V (acknowledgement) to Centralised Processing Centre (CPC) within 120 days of filing the return