Question

What are tax returns, how do they work, and what amount should one expect to receive back?

Answer 1

Tax returns are basically a yearly reconciliation between the amount you have had withheld from your paychecks and the amount of tax you owe on your total income. If you have had more withheld than you owe, you get the extra refunded. If you have not paid enough, then you owe taxes, which you better pay by April 15 or you will owe penalty and interest as well. Everybody's taxes are different.

Answer 2

You get more back if you have kids and have your own house.

Answer 3

deopends how much you make.

Answer 4

A tax return is money that you have OVERPAID the government throughout the year. Through the withholding system that we have now, a portion of your paycheck is withheld by the IRS, and you calculate the amount of taxes you owe at the end of the year. The difference between what you owe and what you have already paid in is what you get (or owe) at the end of the year. Think about that; through the withholding system, the IRS is getting an INTEREST FREE loan from nearly every single taxpayer in the country. That's money that could have been invested in a high yield mutual fund and accumulated some interest for you. Instead, the IRS does that, and they make even more money. That's one of the little things the govt does to screw the people. . The links at the bottom are to something called the Fairtax, which is a much, much better system of taxation. It eliminates income, social security, medicare and medicaid taxes while retaining those programs. It would eliminate the IRS and stimulate economic growth. It's would save social security and be great for out country. Read about it, and vote for your representative that supports it.

Answer 5

Tax returns is money you get back from the goverment. It's like an overpayment that you have paid that you get back. Depends on how much you made, and paid is how much you'll get back.

Answer 6

Get a software program like Turbotax or hire a. Certified Public Accountant. You have to provide. all of the "in" information to get the proper "out". information!

Answer 7

A tax return is the taxpayers accounting procedure to prove that they have paid their taxes for the year in question. . . If the taxpayer works for someone else and their employer took out more than the employee owes than the taxpayer is owed a refund. They get their refund by sending their tax return in by April 15 of each year. . . If the taxpayer owns their own business, earns enough interest in taxable investments and/or did not have enough money from his/her paycheck than the taxpayer owes money to the government and has to send it in by the April 15 deadline.

Answer 8

Go to the web site www.irs.gov. When you are employed in the US, income tax by law is withheld from your pay. Each year, on or before April 15, you have to file a form 1040 tax return that is mailed or electronically filed with the Internal Revenue Service so you can reconcile the taxes that you owe or don't owe based on the wages you earned and several other factors. Sometimes you receive money back, sometimes you don't. This is an oversimplification. Usually, young, unmarried workers who had income tax withheld from their earnings will get money back, but to do so they must file a tax return.