What is Tax Refund ?
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meenu007
karan
Manoj
7 posters
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:39 pm
A tax refund is issued when the amount of income tax that you paid is more than what you actually owed for that year.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:39 pm
Of course, everyone wants to get a tax refund — and while a refund is never guaranteed,
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:39 pm
there are some things you can do to better your chances of receiving a check from the IRS.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:40 pm
For many people, getting married and filing a joint allows for more deductions. ... As a single tax filer, the tax benefits from your loss are slim to none.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:40 pm
However, if you were married and your spouse earned a good income, your business loss helps offset that income on a joint return.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:40 pm
This means that the amount of a refundable credit is subtracted from the amount of taxes owed, just like the amount of tax you had withheld from your paycheck.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:41 pm
For example, if you owe $800 in taxes and qualify for a $1,000 refundable credit, you would receive a $200 refund.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:41 pm
Continual business losses (meaning you write-off more than you make), leaves you are at higher risk of receiving an IRS audit. With that said,
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:41 pm
you can write off your hobby-business expenses up to the amount you earn.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:42 pm
However, if you meet the requirement of a business, you could deduct $1,500 and take the $500 loss.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:42 pm
The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:42 pm
The nation's tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:42 pm
It is worth up to $1,000 per eligible child (under age 17 at the end of the tax year). The CTC includes a refundable component, the Additional Child Tax Credit.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:43 pm
Like the EITC, the CTC increases with earnings, but unlike the EITC, the first $3,000 in earnings does not count when determining the CTC.
- meenu007
- Posts : 9617
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:43 pm
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.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:43 pm
The IRS requires employers to report wage and salary information for employees on Form W-2. Your W-2 also reports the amount of federal, state and other taxes withheld from your paycheck.
- meenu007
- Posts : 9617
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:43 pm
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.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:43 pm
As an employee, the information on your W-2 is extremely important when preparing your tax return.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:43 pm
This means that you will probably receive your federal refund within 3 weeks of filing your tax return.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:43 pm
The IRS states that “most refunds will be issued in less than 21 days.”
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:44 pm
The toll-free phone number to check your Federal refund status is 1-800-829-1954. Automatic service is available every day of the week, 24 hours per day, and you can check on your refund in either English or Spanish.
- meenu007
- Posts : 9617
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:44 pm
A person can claim the refund of the excess tax paid/deducted during a financial year while filing his or her income tax returns for that year.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:44 pm
you can call 1-800-829-4477 to reach the IRS TeleTax System and check the status of your tax refund.
- karan
- Posts : 11270
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:44 pm
Taxpayers without internet access can check the status of their refunds by calling the IRS TeleTax System at 800-829-4477 or the IRS Refund Hotline at 800-829-1954.
- kavita123
- Posts : 10734
Join date : 2019-01-07
Re: What is Tax Refund ?
Thu Jan 10, 2019 5:45 pm
A tax refund is the difference between taxes paid and taxes owed. Each year (or each quarter, in some cases) a taxpayer submits a tax return that calculates his or her federal income taxes owed. The taxpayer then submits the tax return electronically or via mail and the IRS reviews the information. If the taxpayer has paid more taxes than he or she owes, the IRS will issue a refund within 10-21 days (if the taxpayer files electronically).
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