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Getting a tax refund can seem a bit like winning a small lottery. In 2012, more than 120 million taxpayers got $322.7 billion in refunds, according to the Internal Revenue Service. That worked out to an average of $2,860 per person. A refund can be tempting to spend -- in fact, one-third of Americans planned to shop with their 2013 refund, according to a Capital One Bank survey. Of those, 30 percent are putting it toward everyday expenses; 23 percent, a vacation; and 15 percent, electronics. But there are ways to use that money that can improve your financial situation…
The biggest mistake on your tax return might not be incorrectly entering your Social Security number or forgetting to sign the return -- two of the repeat top offenders the IRS sees. Rather, it may be not claiming enough deductions and credits. Two-thirds of taxpayers take the standard deduction, IRS statistics show. For tax year 2012, that’s $5,950 for singles and married people filing separately, $8,700 for heads of household and $11,900 for married couples filing jointly. It’s not spare change -- yet those who itemize tend to take far more. In 2009, the latest figures available, taxpayers who itemized…
Putting your tax refund on your Green Dot card only requires that you follow a few particular steps. Put your tax refund on your Green Dot card with help from an accounting professional in this free video clip.
A tax refund can be held up by a number of different things. Find out what can hold up a tax refund with help from an attorney in this free video clip.
An "assisted refund" in tax terminology is defined in a very specific way. Learn what an "assisted refund" means in a tax refund with help from a practiced attorney in this free video clip.
Courts have a wide array of tools for recovering debts, but a court’s abilities may vary somewhat from state-to-state. Though courts cannot typically seize federal tax refunds, certain courts and enforcement agencies may garnish tax overpayments to recover outstanding balances. In addition, the ability of courts to seize state tax refunds varies considerably from one state to the next.
Depending on where you live, marriage can mean more than just sharing last names. Marriage can also mean taking on your spouse's financial burdens. If you have a federal income tax refund coming, you want to make sure those shared financial burdens don't cause you to lose it.
The only way to calculate a refund on your income tax return is if you pay income tax during the year or are eligible to claim a refundable tax credit. There are many strategies you can implement that will give you a higher tax refund. These include claiming deductions to reduce your taxable income, increasing the withholding or estimated payments you make during the year and even by choosing certain investments over others.
Parents who live apart because of divorce, legal separation or any other reason, and who file separate tax returns, cannot both claim the same child on their tax returns, nor can they both get the tax credits or refunds associated with claiming a child as a dependent. If both parents claim the same child on their separate tax returns, the Internal Revenue Service can disallow both deductions or break the tie by applying certain rules.
What's your preference: a big refund check when you file your taxes, or more take-home pay each payday? The correct amount of federal and state tax withholding can help you fine-tune your tax planning so you get the money when and how you need it. Changing your withholding is simple and gives you more control over your finances.
When you pay college tuition, the money you put toward your education can be used to reduce your tax bill or earn you an income tax refund. The individual who paid the tuition is eligible to receive the tax deduction on her taxes. For instance, if you are still claimed as a dependent by your parents and they paid your tuition, they are eligible to receive the tuition deduction. Speak to your accountant if you have any questions about credits and deductions for college tuition.
A creditor of any type may obtain an order to garnish your federal or state tax refund depending on the circumstances surrounding your debt and the laws in your state. Making payment arrangements with your creditor and answering all legal paperwork surrounding a request for garnishment is the best way to mitigate the damage to your finances.
As long as you can prove your tax deductions, the Internal Revenue Service doesn't care how you keep your records. If you need store receipts to prove your deductions -- office furniture for your business, prescription medication, sales tax -- you should file the receipts in case you're audited. You won't have to keep them in your file cabinet forever.
Receiving a big tax refund for the previous calendar year is a bonus for many. If you have paid too much in taxes through your employer payroll deductions, you may be happy to discover that the government will give some of it back. Your company determines how much to withhold from your paycheck based on the information that you gave them when you started your job. Therefore, it's wise to understand the effect of claiming zero allowances to your employer.
Credit cards can be convenient, but they can also be a source of great distress, particularly when debt has accumulated and credit card companies are on the prowl for recompense. Credit card companies and collection agencies use a number of tactics to secure repayment, one of which is garnishment. Through court orders, credit card companies obtain the right to garnish income; however, garnishing income tax returns is a tall order.
Many Americans expect a tax refund each year, and waiting months for it -- or worse, never receiving it -- is a frustrating experience. While your tax refund may be delayed for several reasons, most are preventable with careful filing.
If you fill out your W-4 form for your employer using the personal allowances worksheet provided by the Internal Revenue Service, and if you have no additional income other than from your regular job, chances are you’ll receive a refund when you file your tax return. According to the IRS, most Americans do. However, if you have additional income, that could change.
Your state’s child support enforcement division can request a garnishment of your federal and state tax refunds, referred to as a tax offset, to pay for child support arrearages. However, before you can have your state and federal tax refunds offset, you must be behind on your payments by a certain dollar amount.
Tax deductions allow taxpayers to reduce their taxable income; these deductions are subtracted from your gross income and the IRS taxes the remaining income. The more deductions you have, the less your tax liability will be. While many taxpayers will save more money by taking the standard deduction, many will benefit more from itemizing their deductions. If you are unsure of whether you should take the standard deduction or itemize deductions, itemize your deductions first to see if the amount of deductions exceeds the standard deduction.
If you overpay your taxes, you have a refund coming. Usually this results from an employer withholding too much tax on a paycheck. If you have been overpaying for several months or even years, you will have to file a tax return or an ammended tax return to claim your refund. The Internal Revenue Service will pay you interest on your refund. Examine the tax implications of a refund with interest from the IRS.
One remedy that a landlord may have when tenants default on paying rent is to file a lien against the property of the tenant. This may extend to seizure of bank accounts. This process is regulated by state law, and not many states still allow landlord liens as of 2011.
When you are ready to file your taxes, you may be too anxious to wait for your employer to send you a W-2 form. In this case, you can often use your last pay stub, if the right information is included. But be careful because you may have to amend the return if your W-2 numbers don't match your last pay stub.
The Internal Revenue Service processes federal tax returns and determines the amount of taxes that are due from the taxpayer. If there was an overpayment of tax payments, such as through payroll tax deductions, a refund is due to the taxpayer. However, the U.S. Treasury, which issues such refunds, will withhold part or all of the refund to pay certain debts owed by the taxpayer.
When you calculate a tax refund on your federal return, it’s always the result of claiming a refundable tax credit, paying more tax during the year than you owe or a combination of the two. However, there are time limits for claiming refunds, and if you fail to file a return by the deadline, you run the risk of losing your tax refund.
If you’re someone else’s dependent, it doesn’t mean that you don’t have to file a tax return or that you can’t claim a refund you’re entitled to. But it could potentially make that refund a little less. When someone claims you as a dependent, you can’t claim yourself. This means that you might have to pay taxes on more of your earnings.
Many people take the "no worries" approach to income taxes, claiming few or no exemptions on their W-2 so that sufficient taxes are withheld and they have no tax burden at the end of the year. People who take this approach almost always get a refund, sometimes a substantial one, after filing their taxes. These individuals often file their tax returns as early as possible to get their tax refund quickly. Unfortunately, while submitting your return early does enhance your chances for a quick refund, there are no guarantees.
Paying sales tax is a part of a business, but if you make an error with a payment, getting a refund from your state can be a process. Ohio makes sales tax refunds easier than some states, with a refund form referred to as an ST AR. This form is for both the vendor and consumer. In some circumstances, the form requires customer approval before a refund is issued. Follow the instructions for the Ohio refund form carefully to avoid delays.
If your medical provider threatens to take legal action to recover a debt, you may worry about what might happen to your tax refund, but it is probably safe. However, the creditor probably can eventually take at least some of your tax refund to satisfy the debt. You can try to dodge a garnishment, but settling the debt is the only way to prevent the creditor from forcing payment.
The bill for a hospital visit, however brief, may be enough to send you back to the emergency room, especially if you don’t have the money to pay for it. If you’re expecting a tax refund, you may fear that the hospital you owe money to will intercept your check from Uncle Sam to satisfy the outstanding balance. Understand your rights to avoid unpleasant surprises at tax time.
Having your tax return directly deposited can be very beneficial to you. If you file your return electronically and choose the direct deposit option, you can have your money in less than half the time. If you prefer, you can even deposit that tax return into a joint checking or savings account or into your husband's bank account.
If you decide to go to college, you may have to take out student loans to complete your tuition payments. Although loans from the Department of Education typically do not have to be repaid until you graduate or stop attending, you can find yourself with a significant debt. If you have trouble repaying the loan, the Department of Education has various programs to help you, but will take collection action if you simply don't pay.
The IRS can take all or part of your tax refund money if you owe back child support. The federal Treasury Offset Program allows for the interception of tax refund money for certain debts, including court-ordered child support. Your refund money is forwardEd by the intercepting agency to the person you owe support to.
Foreclosure is the process of a lender repossessing a home when the buyer defaults on the loan. Since foreclosure remains on your credit report for at least seven years, renting or buying a home again can be difficult. In addition to the obvious consequences associated with foreclosure, your tax return may also feel the affects of a foreclosure. How much a foreclosure will affect your return depends on several factors, such as your lender, amount you owe, foreclosure laws and your income.
The Department of Education offers eligible students various programs to help pay for their educational endeavors. This assistance can be loans, grants or a combination of the two, depending on your income and the cost of qualified expenses, such as tuition and fees. Though grants do not have to be repaid, loans do. Failure to repay a student loan puts you in default with the Department of Education and collection action can be taken.
If you have been ordered to pay child support in Pennsylvania and have fallen behind on the payments, the child support enforcement office may be used to attempt to enforce the order through any legal means available. One option is to use the Federal Tax Refund Offset Program, or FTROP, to apply your tax refund to the arrears.
Donating your unneeded items to charity feels great, but it can feel even better when you get a tax deduction for your generosity. If you itemize your deductions, you can get credit for the cash you donate to charity, and for the value of tangible goods you donate as well. But before you take that tax deduction you should carefully document each item you give, and report its fair value when you complete your tax return.
If you made a calculation error on your federal tax return that caused you to overpay your taxes, the IRS will probably correct the error and send you a check unless you owe money for a different reason. However, if you made a larger mistake that caused you to overpay your taxes, you need to file an amended tax return. You have three years to file an amended return.
For many people, filing their tax return and receiving a refund from the Internal Revenue Service is the most significant financial transaction they make during the year. Often taxpayers depend on a large refund check at tax time. But sometimes that refund isn't as substantial as expected. Avoid missing out on the refund you deserve by being aware of these factors and planning your taxes to accomodate your situation.
Accuracy is essential when completing your income tax return. Any error on your return can increase your tax liability, reduce the amount of your tax refund or prolong processing times. Some errors on your return might not increase your tax liability but prevent you from receiving your tax refund in a timely manner. If you made an error by entering the wrong bank account information on your income tax return, it is important to know how to fix the error and when to expect your refund.
Having to care for a child, close relative or good friend may be a burden, but it also gives you a valuable tax break. In general, dependents should increase the amount of your tax refund -- or lower your tax bill. However, as you accumulate more dependency exemptions, you may run into a parallel tax system called the alternative minimum tax (AMT).
Filing a joint tax return may save you money when tax season rolls around. Couples file their income taxes together to receive tax credits not available to individuals. These returns generate one refund check in the name of both you and your spouse. In most circumstances, both you and your spouse are required to sign the check before cashing it.
If you are one of many Americans who expect a tax refund each year, the reality of debt and the garnishment of your refund can cause some anxiety. This may be exacerbated by knowledge of or directly experiencing the garnishment of bank accounts and employment wages. However, unlike your bank account and wages, your income tax refund is a property of either the federal or state government.
Approximately 36 percent of the 142 million taxpayers in America receive refunds each year. In 2010 the Internal Revenue Service sent out more than $328 billion in refund checks, according to CNN Money. The average refund amount was more than $3,000. Retail outlets hold tax refund sales, car dealers boast tax refund rebates and many taxpayers plan specific purchases that target the funds from their refund checks. A refund delay can put a crimp in those plans.
Sometime after the first of the year, you might be surprised to open your mailbox and find a Form 1099-C from a creditor you stopped worrying about months ago. The creditor might have written your debt off as not collectible, so you no longer owe it. But the Internal Revenue Service says that in some cases, this changes the debt from something you owe to something you've gained. You might have to pay income taxes on it, but legislation passed in 2007 eliminates the impact of some canceled debts on your tax refund.
One of the biggest mistakes you can make on a tax return has nothing to do with deductions, but with your bank account number. If you choose direct deposit and put a wrong routing and account number, you may have to spend months trying to recover your refund -- if you ever receive your refund at all. Sometimes, the Internal Revenue Service cannot legally help you recover a lost refund.
When filling out your tax documents, you may choose to receive a refund in the form of a check or as a direct deposit. You may want to change the way you receive your refund if you want to receive your refund more quickly. The IRS deposits electronic refunds in as little as 10 days. If you want to change the way your refund is delivered to you, you must do so before you file your taxes. The IRS does not allow you to amend the payment delivery method after you have filed.
If the Internal Revenue Service (IRS) owes you a tax refund, you have to give it your bank account information or current address so that the IRS can directly deposit your paycheck into your account or send you a check. The IRS doesn't verify account information before depositing checks. If the IRS gives you a different refund than you expect, it usually sends a notice explaining what you need to do.
A tax refund gives you the opportunity to plan for a large purchase or catch up on overdue bills. You may want to estimate the amount of the tax refund to determine what you can afford or what bills you can pay off. It is possible to calculate a close estimation of what your tax refund will be even if you have not received your W-2's or 1099 forms. The estimation may not be exact, but you will have a better idea of the amount of your tax refund before you sit down with your tax preparer.
Garnishments occur when a creditor of yours receives permission to take a portion of your income before you get it. While it's most often referred to in relation to paychecks, it's also possible with your federal tax refunds. The U.S. Treasury is responsible for garnishing your refund through the Financial Management Service (FMS).
You may rely on your income tax refund each year to pay your expenses or debts. A creditor may threaten to take your income tax refund for a past-due debt. While creditors have no right to do so, you should know that government agencies may divert your tax refund to pay certain types of your debts.
The U.S. Congress authorizes the Treasury Offset Program to deduct money from taxpayers' IRS tax refunds and overpayments to pay certain debts. The Financial Management Service, an office of the U.S. Department of Treasury, conducts this program. State and federal agencies submit requests to the Treasury Offset Program for tax refund offsets to collect delinquent debts.
According to the Internal Revenue Service, a refund anticipation loan, or an ARL, is a loan taken out by a consumer from a lender based on the consumer's estimated tax refund. If you are suddenly faced with unexpected expenses and cannot wait for your tax refund to arrive, an ARL is an option to consider. Borrowing on your tax refund can have a number of consequences, however, including hefty fees and high interest rates.
Your Form W-4 details to your employer several key factors that help determine how much money to withhold from your paycheck, including your filing status, your allowances claimed and how much additional money you want withheld. When you have more money withheld during the year than you wind up owing in taxes, the Internal Revenue Service holds on to the money --- without paying you any interest --- and then refunds it to you when you file your return. However, if you know that you will spend the money if you have it or if you prefer a larger refund,…
In the midst of personal bankruptcy, a tax refund can bring you much-needed financial relief. However, the bankruptcy court may seize your tax refund to help pay off your creditors if it determines the money is disposable income. You may be able to retain your refund in the midst of your bankruptcy by claiming an exemption for the money or minimizing the amount of your refund altogether.
When it comes to overdue child support payments, the government does not fool around. Creditors are not allowed to take your tax refund check directly from the government, but if you owe money for child support, the government makes an exception to this rule. Moreover, other assets you own and benefits owed to you can also be taken to make up for your late child support payments.
The Department of the Treasury maintains specific rules regarding the potential direct interception of federal income tax refunds issued to you by the IRS. Your tax refund can be intercepted or offset to cover funds owed to various branches of the federal government but not to cover credit card debt.
In 1986, the Internal Revenue Service began allowing taxpayers to file their returns electronically. As of this article's publication, the IRS has received and processed more 1 billion tax returns. If you are considering the option to e-file, weigh both the advantages and disadvantages.
In Arizona, a debt collector may not satisfy a judgment by directly seizing federal or state tax refunds. A debt collector can take your federal or Arizona tax refund money under certain conditions. Arizona also places other limitations on non-earnings garnishment, which may include portions of your tax refund.
State and federal governments issue tax refund checks for overpayment of taxes for the tax year. When filing a joint return, the paper check you receive is in both your names and requires the signatures of both parties to cash it. For those couples who have a shared or joint bank account, some banks will let you simply deposit the tax refund into your account without signing the check in the presence of a teller.
Giving the Internal Revenue Service a wrong account number can become nothing but a minor nuisance, or cause you months of headaches. What happens with your return in case of a wrong account number can depend in part on luck. Thus, you should take extra care when giving the IRS bank information to prevent future problems.
Every employee must prepay employment taxes to the Internal Revenue Service to offset the amount of federal income taxes he'll owe at the end of the year. The IRS determines how much to withhold from an employee's paycheck through the employee's estimation of how many tax exemptions he'll qualify for when he files his taxes. The employee wants to estimate his tax liability as accurately as possible so he has the immediate use of his wages, instead of having too much money taken by the IRS and refunded to him a year later. An employee may change the number of…
Having your tax refund taken away for a debt you owe is called an offset, and it can be a financial blow, especially if you depend on your tax refund each year to cover other expenses. The best way to deal with a tax refund offset by the Treasury Department is to arrange to pay the debt ahead of time or to file forms declaring your income insufficient to cover the debt. It's important in this case to be upfront and honest with the agency so you can clear up any issues before you lose your refund. If your refund…
During the first few years of your mortgage repayment, the vast majority of your payments go toward the interest that accrues on the loan. The Internal Revenue Service allows you to deduct that interest from your taxable income when you file your income taxes. The amount of the savings depends on your marginal tax rate -- the higher your rate, the greater your savings. When figuring how much of a mortgage you can afford, accounting for the tax breaks helps you get a better idea of the true cost of the mortgage.
Showing a refund on a tax return means the Internal Revenue Service (IRS) owes you money. The amount of the tax refund is displayed on your federal income tax return, which means locating your federal income tax return provides you with the easiest way to know if you have a pending tax refund. Another way to know if you have a pending tax refund is to contact your paid tax preparer.
When completing a federal tax return, taxpayers have the ability to put their account and routing number on the return to have their refund direct deposited into their bank account. Taxpayers may have a refund deposited directly into their savings, checking or individual retirement account. The routing number of the financial institution should be confirmed prior to submitting the tax return to the Internal Revenue Service.
Unemployment insurance helps many Americans stay afloat during periods of high unemployment. In Michigan, the Unemployment Insurance Agency administers the unemployment compensation program. UIA uses the income your earned from your job to calculate your weekly benefit amount. Your income tax refund is not a factor in determining whether you qualify for unemployment benefits. So you don't have to report it.
An anxiety-ridden moment is when you open the mail to find a letter from the Internal Revenue Service (IRS) stating that your spouse owes it money. Fortunately for you, the situation may not mean that you also owe it money. Depending on how you filed and your knowledge of the errors, you may be deemed innocent of the debt.
The Internal Revenue Service has a right to offset taxpayers' refunds to satisfy unpaid child support awards, federal and state unemployment overpayment debts, state income tax delinquencies and federal non-tax debts. After paying their debts and notifying taxpayers of their offsets, the IRS has six to eight weeks to send taxpayers their refunds.
Failure to pay on a loan, known as default, can have serious consequences to an individual's credit rating and future ability to borrow. The ramifications of a loan default vary depending on the type of loan. Although your tax refund can only be seized for specific debts, your bank account may be levied for most unpaid debts if the creditor obtains a judgment against you.
After going through the entire bankruptcy process and receiving official discharge of all of your debt, you may think that you are home free. However, your tax refund for the current year, as well as a portion of next year's refund could be at risk to pay non-dischargeable debts, or to be distributed as part of the bankruptcy estate to creditors.
The deductions you claim to arrive at your IRS tax refund may trigger an audit sooner than the actual size of the refund itself. Stretching to claim appropriate deductions on your tax return, including excessive business deductions, can cause the IRS to examine your return more closely. The results of an audit could have you owing more money to the government.
The Internal Revenue Service allows taxpayers to receive a tax credit for their qualified child care expenses. Known as the Child and Dependent Care Credit, eligible taxpayers can receive an annual tax credit or refund of their child care expenses. Taxpayers can take advantage of the federal tax credit if they paid a qualified child care provider to care for their children during work or to look for available work.
There's nothing especially fun about doing taxes, unless you're the sort of person who enjoys gathering financial papers and learning the ever-changing tax laws. Still, it's necessary and most adults in the country have to file them. As long as you must to do your taxes, you might as well get as much benefit as possible. It's easy if you remember a few simple steps.
Many people take out student loans from the government as a means of paying for their education. These loans generally have low interest rates and are guaranteed by the U.S. government, making them very popular. However, unlike many private loans, these loans are not easily dismissed. If you default on the loan, you may face severe penalties, including the offset of your tax refund -- which you can avoid by making alternate payment plans with the government.
The federal government has a program in place to collect defaulted student loans. This program includes reducing any tax refund or payments you receive from the U.S. Treasury through the Treasury Offset Program. If you accept a student loan, you sign a contract for payment of the loan. You make payment under the contract or modification provisions, or the federal government pursues recovery. The lender must place your loan in default and notify the U.S. Treasury before you are subject to the Treasury Offset Program.
Refund Anticipation Loans (RALs) are enticing to many tax filers because they promise instant cash. None of the hassles associated with checking your bank account or checking the IRS's "Where's My Refund" Web page exist with RAL payments. However, recent changes by the IRS could affect whether you're allowed to apply for a RAL through your tax preparer. You should understand these changes before you attempt to apply, or reapply, for a RAL.
After discharge of your bankruptcy proceeding, your finances are no longer under the supervision and scrutiny of the court and your trustee. Your debts have been discharged, so your creditors cannot intercept your refund either, unless it is to settle a new debt that you incurred after your discharge. After you file for bankruptcy, however, the trustee and your creditors have a right to all your disposable income under a Chapter 13 plan. This usually includes any tax refunds you might receive.
Federal tax credits are classified as either refundable or non-refundable. In most cases, a taxpayer is eligible to claim credits from either class, as long as he is eligible to take each credit he claims. While each credit provides a benefit in theory, depending on specific circumstances, non-refundable credits may not be as beneficial as refundable credits.
Before you marry someone you should always be sure of his financial position. When you marry, your new spouse's financial problems can become your problems, especially mandatory liabilities, such as taxes and child support. If your new spouse refuses to share information about his financial burdens with you, you might want to reconsider marriage until he cleans up his financial problems.
Missouri participates in the Federal Offset Program. This means if you owe back child support or back taxes, or you are delinquent on certain federal or state obligations, such as student loan payments, you and your spouse may find your Missouri state tax refund withheld to pay those debts.
As of the time of publication, the top federal tax rate is 35 percent, so you may worry about making large deposits. While the Internal Revenue Service requires a paper-trail for large deposits, you do not necessarily have to pay taxes on them. The IRS determines your tax obligation based on your income minus your deductions.
For those anticipating a refund, tax season is a time for paying down debt, planning family trips or simply padding their savings accounts. Unfortunately, overpaying federal or state taxes does not guarantee that you will receive a refund. Under certain circumstances, both the Internal Revenue Service and the state of California reserve the right to withhold your tax refund and send it directly to your creditors.
When you are in default on your student loans, it is to your benefit to make arrangements to pay them off if possible. At one time, many college graduates defaulted on their student loans without penalty, but Congress has provided the U.S. Department of Education (DOE) with a variety of powers to recoup the money lost. In addition to being able to garnish your wages, the IRS can take your tax refund, if you are owed one.
The State of Virginia allows certain tax credits to help tax payers reduce their total income and tax liability. As a result of claiming Virginia state tax credits, many individuals receive tax refunds. Specific eligibility rules exist for Virginia state tax credits. To prevent issues with the IRS and State of Virginia, it is important to ensure you qualify for tax credits before claiming them on your tax returns.
Generally, Texas will only consider your spouse's income when calculating your child support obligation if you do something to warrant it. The Texas Family Code does not include it in the state's child support guidelines. However, judges have the right to deviate from the guidelines for special circumstances in individual cases. If your child's other parent has to take you back to court because you're not paying your support, your spouse's income could potentially become a factor.
If your spouse owes back child support and the state or Internal Revenue Service is intercepting or garnishing your federal tax refund, you may qualify to receive a portion of your state and federal tax refund. However, the IRS will only award this portion of the tax refund if both spouses complete and submit an IRS Form 8379 Injured Spouse Allocation for their federal tax refund and an injured spouse allocation form for their state tax refund.
If you get a tax refund but owe back taxes, the Internal Revenue Service will deduct the amount of tax owed from your refund to pay off your debt. If you get married, the IRS can still take the total refund to pay the debt. For some couples, this may feel unfair -- after all, the debt only belongs to one spouse. Depending on the laws of your state and your tax situation, the nonindebted spouse may qualify for debt relief -- and get a tax refund -- under the IRS injured spouse rule.
Many taxpayers believe that the IRS operates with impunity, but even the IRS has limits. Some of the limits, such as limits on how many years it can assess additional tax, benefit taxpayers, whereas others have the opposite effect. If you have delayed in filing your tax returns, there are a few things you need to know that are bound to light a fire under you.
Refund anticipation loans are loans made to consumers who don't want to wait weeks for the Internal Revenue Service to process their tax returns and transmit the refunds. If you have overdue medical bills or car payments, or are behind on your rent, a refund anticipation loan can provide you the emergency funds you need now, not later. In order to get an instant refund anticipation loan, you'll need to have your taxes professionally prepared.
Whether you get to keep your tax refunds after filing bankruptcy depends on the type of case filed and your local bankruptcy trustee. Most Americans filing bankruptcy elect a partial debt repayment plan under Chapter 13 or debt forgiveness under Chapter 7.
Low-income taxpayers can receive a refund in excess of what they paid in federal income taxes, provided they qualify for refundable tax credits. The child tax credit provides up to a $1,000 tax credit per eligible child for the 2010 tax year that reduces a parent's tax liability dollar for dollar. Parents who can take excess deductions or earn little income can qualify for an additional child tax credit that results in them receiving a refund check in excess of what they paid, according to the Internal Revenue Service.
Tax Day is a source of dread for American filers who owe a balance due on their returns. However, a large number of taxpayers don't have to pay an additional tax balance at the end of the year. These filers may wonder if they need to file a return at all. While some may not be required to send in a return, it may to be their advantage to do so.
When you file your income taxes, everyone wants to pay as little as possible and maximize the amount of the refund received. If you have dependents, often your children still living with you, the Internal Revenue Service permits you to claim them on your income taxes, which decreases the amount of income taxes you will owe.
If you’ve paid federal income tax during the year, chances are that you want as much of it back as possible. To get a bigger refund, make sure you evaluate your eligibility to claim every deduction, exemption and tax credit possible. Claiming these three items is the only way to reduce your tax bill and get a big refund check.
If you need to partially repay debts and have lived in Alabama for at least 180 days, you can file Chapter 13 in your nearest U.S. Bankruptcy Court for the District of Alabama. But when you request Chapter 13 bankruptcy in Alabama, your finances including tax refunds become the business of your local bankruptcy court trustee.
Chapter 7 bankruptcy, which allows permanent liquidation of approved debts, usually results in the loss of assets. Outstanding tax bills, tax liens, tax returns and tax refunds are all scrutinized in the Chapter 7 process, which is handled by a local bankruptcy judge as well as a bankruptcy trustee. But the bankruptcy court staff members do not hold final authority over federal tax issues including refunds.
While student loans are not backed by property (your creditor can't undo the education you received, after all), the financial consequences of failure to pay are severe, including wage garnishment, seizure of tax refunds and negative effects on your credit score. While it may be difficult to negotiate a settlement, you can work with your lender to obtain affordable payment arrangements for a student loan.
Debt collectors have a number of avenues to get money from debtors. Among these are wage garnishment and bank account seizure. In both of these instances, money is taken from an individual until the debt is paid off. While these debt collection actions can be used to seize a number of funds, garnishment cannot be used to take a person's state tax refund, although it can be seized from a bank account.
A wage garnishment is a court order to take part of your pay each week and send it to your creditor to cover unpaid debts. Under normal circumstances, the Internal Revenue Service (IRS) does not get involved in garnishments. However, if the garnishment is for child support, the IRS typically will take your tax refund and apply it toward your debt.
Foreclosure proceedings, no matter what stage they are in, never create an obstacle for filing Chapter 13 bankruptcy. The eligibility requirements to file Chapter 13 bankruptcy do not relate in any way to whether foreclosure is occurring or has already happened. There is some question, however, whether filing Chapter 13 late in a foreclosure proceeding will effectively prevent the foreclosure and protect your home.
If you have recently lost your job, your child could be a great way to reduce your tax bill via the Child Tax Credit and keep money in your bank account until find employment again. The Child Tax Credit, however, is the least "powerful" type of tax credit -- a dollar for dollar tax break -- so it not may not help an unemployed person.
The Internal Revenue Service collects taxes on a pay-as-you-go method. Employees determine how many allowances they wish to claim on a Form W-4 and the employer uses that form to calculate taxes each pay period. Employees can adjust the Form W-4 to reflect changes or to increase or decrease withholding. Once the employer withholds taxes, you must file a federal income tax return to recover any excess paid.
It is in your best interest to try to negotiate a settlement on your defaulted student loan. If you default, the maturity date accelerates, and this can lead to a downward spiral. If you cannot make the payments at that point, it could result in wage garnishment, funds from your income tax refunds held and losing your eligibility for other federal loans.
Chapter 13 bankruptcy cases can be grueling, simply because they last several years. Chapter 13 plans usually run a minimum of three years and a maximum of five years. If you have a certain level of income, you must be in a five-year plan. However, paying extra money can make your case end early, and tax refunds assist in that process.
Debt collectors utilize a wide variety of debt recovery methods, from letters and telephone calls to garnishment and asset seizure. Debt collectors must follow federal and state laws that limit the actions they can take during the debt recovery process. While collection agents have the right to garnish your tax refund, they cannot intercept it directly from the Internal Revenue Service or your state government before you receive it.
The IRS allows taxpayers to deduct rental payments incurred as part of the taxpayer's business activities. Taxpayers may deduct qualified rent payments for real estate, equipment and vehicle lease payments on their tax returns. Taxpayers who have qualified business expenses may deduct their rent payments limited to the federal 2 percent of adjusted gross income limit rule.
Waiting on a tax refund from the Internal Revenue Service (IRS) can be an anxious time, particularly if you need to use your refund amount to meet personal obligations. The time frame when you can expect to receive your tax refund from the IRS will depend on the method used to file your federal income tax return. If you used a paid tax preparer, contact her to determine when you will receive your tax refund.
Chapter 13 bankruptcy requires some financial discipline from its participants. You must commit all your disposable income to the case for its entire duration, which is anywhere from three years to five years. Disposable income includes federal income tax refunds; and unless you get a court order excusing the refunds, you must pay them all to the trustee.
Generally speaking, it is never too late to file a tax return. Even after seven years, you can still file your tax return to the IRS. However, except in a few specific cases, you cannot obtain your tax refund after seven years, as the statue of limitations will have expired. In addition, you will likely be assessed a penalty for a filing seven years late.
The federal Child Tax Credit can reduce your income tax bill by as much as $1,000 for each child you have. If you don't owe any income tax, however, this credit won't do you any good, because there's no tax bill to reduce. In that case, you might be able to take advantage of a separate tax break, the Additional Child Tax Credit.
Debtors in a Chapter 13 bankruptcy must commit all of their disposable income to their Chapter 13 plan. Disposable income includes wages the debtor does not use to pay necessary expenses, as well as tax refunds.
Your state tax department is able to take part or all of your state tax refund for your spouse's debt, but you may be able to avoid the collection under certain circumstances. The debt that can be taken from your tax refund includes income taxes owed to the state and back child support payments.
An "instant" refund anticipation loan is simply an advance payment on a refund anticipation loan. These loans allow you to receive and spend some of the money you have coming to you in a tax refund without having to wait for the government to process your return and either send a check or deposit the money in your bank account.
If you have filed a federal income tax return in the year 2007 and have not received your refund, the Internal Revenue Service offices can help trace the status of your refund. Depending on the current year, you may not be eligible to file for another refund for 2007. The deadline for filing a for tax refund for 2007 is April 15, 2011.
The United States tax code provides for several different kinds of tax reduction tools and strategies. The tax code provides for income exclusions, tax deductions, nonrefundable credits and refundable credits. On a hierarchy scale, a credit provides more tax savings than either an income exclusion or a tax deduction, and a refundable credit is even better than a nonrefundable credit.
The Making Work Pay provision of the American Recovery and Reinvestment Act is a refundable tax credit available to most Americans. A tax credit reduces the amount of tax you owe and if it crosses zero will result in a refund when you file taxes. In February 2009, the IRS made revisions to the withholding tables used to implement the Making Work Pay tax credit, ensuring that workers keep a larger chunk of their paychecks.
Form W-2 is the Wage and Tax statement completed by an employer and submitted to each payee and the Internal Revenue Service. Tax reporting must be completed and submitted to the IRS no later than April 15 unless you have been granted an extension. In some cases, a W-2 form may have been overlooked and unreported on an individual's tax submission. The individual may be issued a tax refund by the IRS if the information on the original submission denotes an overpayment of taxes; however it is necessary to notify the IRS of the additional W-2 to ensure the proper…
Virginia taxpayers can research the status of their tax returns -- state and federal -- from the Virginia Department of Taxation webpage. In order to find a tax return you must give the Social Security number and the estimated amount of the refund due the individual whose tax return you would like to locate. There is no fee to research the status of a tax return.
Virgina's Department of Taxation offers state residents and businesses a variety of services through its online website. Users can access the website to file returns, pay tax bills and perform other tax-related tasks. By following a few short steps, you can easily check the status of your Virginia state tax return.
Private lenders service non-federal student loans while the U.S. Department of Education services student loans insured through the federal student aid program. When you default on a federal student loan, the procedures to collect the unpaid loan amounts are different from when you default on a student loan from a private lender.
The bankruptcy trustee requests the tax refund so that the money can be distributed to creditors. The trustee does not usually demand the most recent tax refund if the case is filed months after the tax refund was received. There are ways to keep a tax refund if the case is filed shortly after receipt of the money. The debtor needs court approval to spend any tax refunds received after the case is filed.
When you expect a tax refund as a result of filing a tax return, you can feel free to start the filing process as soon as you have your tax forms in hand at the beginning of the year. If you need the money very urgently, there are a few simple options you can exercise to get the tax refund as quickly as possible.
Employers must withhold Social Security and Medicare taxes from each employee's wages every pay period as well as pay employment taxes themselves. If the employer does not withhold payroll taxes, or does not forward withheld taxes to the IRS, he can face criminal penalties as well as collection activities. Employers must pay back taxes in full or make arrangements with the IRS to avoid criminal prosecution. If the employer does not withhold taxes at all, the employee may also be held responsible for repayment.
Unemployment fraud occurs when you deliberately give false or misleading information to a state unemployment division for the purpose of obtaining unemployment benefits or larger benefits than you would otherwise be entitled. This criminal act has several penalties which may be levied by the state and they range widely depending on how much money you illegally obtained and if you have a previous history of unemployment fraud.
Forgetting to file an extension can mean big fees for some, but not all, late filers. The key lies in understanding how the IRS assesses late filing penalties and relating that information to your income tax return. If you anticipate filing a late return, then you should understand whether filing an extension is of significant benefit to you.
Filing a tax return can be an arduous process, and it makes little to sense to file unless you're required to do so. The most important considerations to make when deciding if you should file a return relate directly to your age, income and filing status. If you take some time to familiarize yourself with the filing requirements, you will save yourself both time and energy if you determine that you're not required to file a return.
While some taxpayers still choose the old-fashioned laborious method of calculating income tax and filling in the forms by hand, since it became available to the general public in 2002 many people choose to use tax software to calculate their income taxes and submit the computer-generated forms electronically by e-file. Almost 80 percent of filers in 2011 chose to efile, and 35% of those prepared and e-filed their tax returns themselves.
The Internal Revenue Service provides several online resources to taxpayers for federal tax refund information. These resources provide helpful information about options for receiving your tax refund, how to check the status of your refund and what to do if there is a discrepancy in your tax refund amount. The IRS will also provide assistance in obtaining a replacement check if your tax refund was lost or stolen.
While you have to pay taxes on the majority of your income, there are a few exceptions that allow you to set aside money on a pre-tax basis. Taking advantage of these pre-tax options can help lower your taxable income for the year and can provide you with extra spending power.
Many people who file for bankruptcy want to keep their anticipated tax refund. Bankruptcy trustees consider tax refunds disposable income that was taken out of a debtor's paycheck by the federal government. As a result, bankruptcy trustees want to distribute the debtor's tax refund to creditors listed in the bankruptcy case. There are various factors a debtor should consider with regard to bankruptcy and how it affects the tax refund.
People often wonder if it's necessary to file a tax return when they don't expect to owe anything to the Internal Revenue Service. While many consider it a nuisance, there are several reasons, beyond just the IRS requirements, for filing a tax return each year.
When it comes to filing your income taxes, you are most likely looking for every break that you can get. No one wants to pay any more money on income taxes than they have to. One tool that can work to your advantage is the refundable tax credit as this can actually put money back in your pocket.
The federal student loan program was devised to ensure every person who qualified to attend a higher education institution could do so through borrowing money to pay tuition, regardless of income or creditworthiness. It is common for students to borrow more than once, creating a conundrum as those multiple loans come due after graduation. If a borrower defaults on a student loan, the federal government reserves the right to withhold an income tax refund to satisfy the debt.
Knowing what to expect during an IRS audit can be the difference between being paralyzed by fear or guided by knowledge. If you file taxes, then there is a good chance that your return will be pulled for an audit during your lifetime. It is best that you know what to expect so that you can take steps to adequately present your case to the IRS.
Taxpayers who do not pay their taxes in full before the April 15th deadline for the prior tax year will owe tax, penalties and interest. Unfortunately, any refund available for a subsequent tax year will go toward the tax debt and not to the taxpayer, as the Internal Revenue Service's primary concern is with recovering the tax owed.
Individuals often use student loans to pay for college, but one of the pitfalls of borrowing money before you complete your education is that you cannot be sure you will make enough in your career to pay it back. Most federal student loan programs work with borrowers to make this less of a concern. In some cases, though, student loans fall into default status because borrowers fail to make satisfactory payments on their loans. When this happens, it is possible that the U.S. Department of Education or a guaranty agency will request that the Internal Revenue Service intercept all or…
Whether or not you're required to file an income tax return is based on a combination of your income and filing status. Whether or not you owe tax is usually determined by the result of your filing, not an estimation. Having said that, there a few key points to keep in mind when deciding if you're required to file taxes, and if it's financially in your best interest to do so.
Whether you're required to file a return, joint or otherwise, is determined mostly by your income and filing status. Taxpayers who have no income probably have no requirement to file and, thus, aren't compelled to file a joint return. However, some additional considerations may make it beneficial for you to file a tax return.
While a private lender doesn't have the right to offset your tax refund as a result of your unpaid student loans, the federal government does. If you have federal student loans in default, the U.S. Department of Education will notify the Internal Revenue Service, which will then withhold your tax refunds and submit them as payment on your defaulted student loans. If losing your expected tax refund places you in a considerable financial bind, however, you can appeal the tax offset, stop the garnishment and recover your withheld refund.
During the year, a portion of your paycheck is withheld to pay federal and state income taxes. If your Missouri income tax withholding exceeds your income tax liabilities, you will receive a refund when you file a state tax return. The Missouri Department of Revenue allows you to check the status of your tax refund online or by phone.
The status of your Ohio state tax refund can be checked online through the Ohio Department of Taxation's website. "Where's My Refund" is a user-friendly online tool that is designed to provide taxpayers with up-to-date information regarding their tax returns and refunds. If you e-filed your taxes, the status of your refund will be available shortly after you receive confirmation that your return was successfully transmitted. If you mailed in your tax return, the status of your refund may not be available for a couple of weeks.
You can check the status of your Missouri state income tax refund through the state's Department of Revenue website. Your refund status will be available after the state has received and processed your income tax return. Depending on your method of filing, this may take several days or weeks. If you e-filed your taxes, the state will send you an email to confirm receipt of your return; your refund status should be available a few days after you receive this email.
The status of your Alabama state income tax refund can be obtained online. The Alabama Department of Revenue's online tool is available 24 hours a day, 7 days a week. Status updates on the refund is updated as your return is received and processed. The closer to April 15 that your tax return is filed, the longer it takes for the return to be entered into the system and processed.
The Missouri Department Of Revenue is the agency responsible for handling all tax matters in the state of Missouri. This includes income tax returns for the state. Depending upon the method you used to file your return, it can takes days or weeks to receive a refund. The good news is that you can monitor the status of the return from the time it is accepted and processed by the agency until the time your refund is issued.
If you are anticipating a tax refund after you file your Massachusetts state income tax return, you can check the status of the refund online. The Massachusetts Department of Revenue's website gives you the option to not only e-file your state taxes, but check the status of your refund as well. If you e-filed your state taxes, information may be available as early as six days from the date you filed. If you mailed in your state tax return, it may take up to 12 weeks before information regarding your refund is available on the website.
The Child Tax Credit benefits millions of taxpayers with dependent children by directly reducing the amount of federal tax. The credit is easy to claim on federal tax forms and requires only that your child have a valid Social Security number, be under a certain age and live in your household. Although the credit is popular, it may be amended, reduced or eliminated altogether in the future.
During the year, your employer takes money out of your paycheck for the estimated tax bill you will owe the Internal Revenue Service (IRS). If too much is withheld, you will receive a refund when you file your return.
Georgia requires taxpayers to file individual income tax returns by April 15 each year. The earlier a taxpayer files his state income tax return, the quicker he will receive a refund for overpayment of state taxes, according to the Georgia Department of Revenue.
New Jersey requires residents to pay estimated income taxes on money earned within the state to fund the state government. New Jersey provides tax refunds to individuals who have overpaid state income tax over the previous year.
If you are a UK taxpayer and have details of your total earnings and taxes paid during a particular financial year, you can calculate approximately how much tax you owe. You may be entitled to a UK tax refund if you have paid too much tax or earned below the tax-free threshold. You can also get all of your taxes back if you have worked and paid taxes in the UK for part of the year, but are leaving the country for good.
The Internal Revenue Service offers the Federal Excise Tax Refund, or the Telephone Tax Refund, to return federal excise taxes previously collected on long distance calls or "bundled" phone or Internet Protocol service. This refund was originally offered on the 2006 federal income tax return, and is available only to people who paid federal excise taxes on long distance calls or bundled services between Feb. 23, 2003, and Aug. 1, 2006. The easiest way to claim this refund is to amend your 2006 tax return by filing out Form 1040X.
Minnesota is among the 43 states where residents that meet the income requirements for the state must file a state income tax return. Taxpayers with income greater than the amount of their standard deduction, which is based on filing status, meet the minimum income requirements to file a state return.
The Arizona Department of Revenue issues state tax refunds to taxpayers that overpaid their income taxes during the year. The Department of Revenue offers taxpayers the choice of having their refund check mailed to their home address or direct deposited into their bank account. The status of your refund can be checked online.
The Canadian tax system offers several opportunities to generate deductions and save money on taxes. The most popular deduction is undoubtedly the Registered Retirement Savings Plan (RRSP) contribution, as it encourages Canadians to save for their retirement in a tax-sheltered investment vehicle and claim an immediate deduction from taxable income. For the majority of Canadians, making an RRSP contribution is how they will generate a tax refund. For people living in Ontario, that tax refund can be calculated using the Ontario specific tax return forms.
For most ordinary Canadians, preparing and filing a tax return is not complicated. If your information is simple and you have only one source of income (your job), and your only deductions are your CPP/QPP and EI contributions, then your main concern will be whether you will get a tax refund or end up owing tax. If you make a contribution to your Registered Retirement Savings Plan (RRSP), you can claim that contribution as a deduction against your taxable income and this will usually end up triggering a tax refund. Here is how to calculate that refund.
Wisconsin is one of 43 states with a state income tax. All residents, non-residents who work in Wisconsin and part-year residents are required to file a Wisconsin income tax return if they meet the minimum income requirements. Some taxpayers in Wisconsin will overpay their taxes during the year and will receive a refund from the Wisconsin Department of Revenue once their tax returns have been processed.
Michigan is one of the 43 states that require qualified taxpayers to file a state income tax return. Qualified taxpayers are residents of Michigan whose adjusted gross income is more than the amount they can take for their standard deduction. Part-year residents who meet the income requirement are required to file a part-year resident income tax form. Taxpayers who make less than their standard deduction are not required to file an income tax return but may choose to do so to have their withholding refunded.
Waiting for a tax refund can be a tiresome process, but knowing when to expect your refund check makes the wait a bit easier. As of 2009, Ohio individual taxpayers can file returns either through the mail or electronically. The manner in which the tax return is filed and when it is filed determine how long you must wait for your Ohio tax refund. Additionally, delays may occur if you fail to send the tax return to the correct address or make errors on your return, so it pays to double-check the information you will submit.
If you filed a federal income tax return for 2007, but still have not received a refund you cannot use the Internal Revenue Service's online "Where's My Refund?" locator. It is available only for the past year's refund. If you recently filed a return for 2007, you may call the Internal Revenue Service's automated Refund Hotline by dialing 800-829-1954. If you have not yet filed, be aware that the statute of limitations in most instances is three years from the date your return was due. The deadline for a 2007 refund is April 15, 2011.
Individuals who overpay their Alabama state taxes will be issued a refund by the Alabama Department of Revenue. Your refund amount will be calculated when you file your state tax return. You can contact the Alabama Department of Revenue (ADOR) to check your refund status using their online tool or their refund hotline.
Filing your tax return can be challenging. Between all the forms you need to fill out and file with the IRS, it can get confusing determining the actual amount of money owed to you by the IRS. Taxbrain allows you to calculate your estimated refund for free on its website.
"How much of a tax refund will I get?" This is a question that has many people rushing to do their taxes as soon as they have their tax documents in hand, but it is usually nice to have some idea of what the answer will be before you actually prepare your taxes. Even if you have not received your W-2 in the mail yet, you can estimate your taxes using online software such as TaxBrain. Simply filling out the forms as you would if you were actually completing your return will generate a pretty good estimate of your tax…
When a taxpayer files Chapter 13, all the traditional Internal Revenue Service (IRS) rules and guidelines regarding refunds are null and void. Since Chapter 13 refund recipients are responsible for debts which are paid by their trustees, and are beholden to the rules of the bankruptcy court, then they must take into account a variety of considerations that most taxpayers aren't forced to take into account. Fortunately, the rules for tax refunds as they relate to Chapter 13 are relatively streamlined.
Many taxpayers are unaware of the federal government's Treasury Offset Program, which allows any state or federal agency to recover a debt by intercepting a taxpayer's income-tax refund. This action usually results in a garnishment of all or part of the refund, as well as a delay in processing the refund. Fortunately, taxpayers who discover that their refunds are in danger of being seized can take action to stop the garnishment.
Tax refund loans are short-term, high-interest loans extended to taxpayers based on the estimated amount of their tax refund. Tax refund anticipation loans allow you to get instant cash without having to wait for your tax refund. While the fees and interest associated with tax refund loans may be costly, they are
If your spouse owes back child support, or for that matter, has defaulted on student loans or owes back taxes, a joint tax return can take the tax refund that rightfully belongs to you and apply it to your spouse's debts. Right or wrong, when you married your spouse, you inherited their tax issues. There are two main ways to get around losing your half of a tax refund.
There has been two attempts by the government to use tax breaks to stimulate the economy. The so-called "stimulus packages" passed Congress in the beginning of 2008 and 2009. Both resulted in tax rebates to individuals, but they were handled differently in each year. Those who received stimulus money in 2008 may have to go about thier 2009 tax returns in a different way.
According to the Internal Revenue Service, penalties for federal tax fraud range from multiple years in prison to minor fines. The penalty for tax fraud depends on the extent of the crime and the tax preparer's level of involvement.
Bankruptcy is a federal process by which you may request that a court take over the management of your debts if those debts grow too high for you to reasonably pay. The bankruptcy court will take all of your income and assets into consideration when deciding how much you can afford to repay to your creditors. Unfortunately, this includes any impending tax refunds. Although the bankruptcy process is federal, it is governed by state laws. Depending on the laws in your state, you may be able to avoid handing over all or some of your tax refund during a bankruptcy.
The Internal Revenue Service (IRS) has the authority to withhold back taxes or other prior government debts from your income tax refund. The agency says it collected more than $1.3 million in federal income taxes from individual tax payers in 2007. The number of delinquent taxpayers that year totaled more than 700,000.
For many, filing an annual tax return is only the beginning. After that, the wait for the refund begins. Whether a taxpayer files a return electronically or by mail, the IRS provides updates on the status of refunds both online and by automated message through the phone. With some basic information from a return, the IRS can tell a taxpayer exactly when a refund will be deposited into an account (if direct deposit was chosen) or when a check was mailed.
Every year, millions of Americans file their taxes, with many of these filers slated to receive a refund. Some people, however, are interested in estimating the amount of their tax return before committing payment to a CPA or to an online service.
You collected your receipts all year and dutifully completed your tax return on time. You mailed it out and are expecting a large refund. Well, where is it??? Stop waiting by the mailbox - this article shows you how to check the status of your refund and to see if your return was received by the IRS.
Checking the status of your IRS tax refund is easy, whether you requested a direct deposit or a mailed check. A few items are required items to check status: Social Security number, filing status (single, married, head of household, et. al.), as well as the exact amount of the refund. Following a few simple steps will give you the status of your refund in just minutes.
If you wonder how much your next tax refund will be, you can calculate the approximate amount according to your current financial status. Using an online calculator helps remove all guesswork. Knowing in advance will allow you to make plans on how you will spend your refund.
Did you file your tax return, but are still waiting on your tax refund check? It is easier than you think to track down your tax refund. Whether you elected to have your refund direct deposited or mailed, your can still track down your tax refund. If you e-filed your tax return and requested that the tax refund be directly deposited in your bank account, the IRS states you should have your tax refund within a 3 week period. If you chose to file a paper tax return and asked the check be mailed to you, expect a wait of…
If you're a college student, you may be able to get a much larger amount on your tax return than you expected. I was surprised at how many of my friends didn't know how to get a big tax return simply by filling out an extra tax form. I know doing taxes can be intimidating so I will go step by step on how to fill out this easy tax form to bring you more of a tax refund! I received thousands more than expected after doing this form.
To estimate a tax refund, take all of the tax documents from the previous year to a CPA, or use an online program like TurboTax, which enables an individual to gain access to a return much sooner than filing by mail. Estimate a tax refund amount with information from a registered financial consultant in this free video on personal finance.
Long before the April deadline, millions of taxpayers will have already received refunds of the money paid to the federal government in taxes. In some cases, these refunds can be received in less than 48 hours, thanks to programs that make loans based on your anticipated refund amount. While the promise of quick money may seem too good to pass up, especially if you're facing tough economic times like many filers, there are some facts to know before you become a recipient of one of these loans.
The 2012 filing season marked the last time consumers could apply for tax refund anticipation loans, according to the National Consumer Law Center. Companies such as Jackson Hewitt and H&R Block previously offered consumers the chance to instantly receive their income-tax refunds -- for a hefty price. These "refunds" were actually high-fee loans. Customers typically received a pre-paid card in the the amount of their refunds, minus the fees. With these loans no longer available, consumers who want to receive their income tax refunds fast must rely on other methods.
Do you need some extra money? How about your tax refund. You can get your tax refund back quicker by following some of these easy steps. Here is how you do it.
When you use one of the nationwide income tax establishments to file your income tax return, you may have the option of applying for a tax refund loan. These firms typically advertise an instant refund option to their customers. On top of the fees you pay your preparer to draft your tax return forms, you will pay a loan origination fee, an additional fee to the taxpreparer, and interest for your tax refund loan. The loan is subject to credit approval.
Wouldn't it be nice to find out the IRS owed you money? There are millions of dollars in unclaimed tax refunds waiting to be claimed. Here is how you can find a missing tax refund.
Having nightmares about a present-less Christmas or Hannukah? This article shows you what you can do during the months prior--to get the cash you need to get through the holidays. Use these tips to have a happy holiday season!
A tax refund is not money that you won in a lottery, it is your hard-earned cash that has been sitting with the IRS. Therefore, rather than spend your tax refund on a shopping spree, consider it as one of your earned paychecks and use the money wisely to benefit your financial future.
Tax help! How to get your tax refund and how to fill out a 1040A tax form in this free video on tax help and personal finance.
Tax help! Learn how to complete the refund section of a 1040EZ tax form in this free video.
Benjamin Franklin once wrote that "in this world nothing can be said to be certain, except death and taxes." But if you're visiting London, this might not be entirely true, because the United Kingdom allows foreign visitors to get a refund on the value added tax paid on certain products. Take advantage of this tax refund to reduce your shopping bill and stretch your dollar -- or pound -- further.
If you need the money from your tax refund before the check arrives in the mail, you can take out a refund anticipation loan or an instant refund loan. However, these short-term loans typically carry high interest rates, and many can be considered predatory.
Nearly 75 percent of taxpayers get tax refunds each year. Of those, 50 percent complete their own returns. Whether you are a first-time filer, or you just need a refresher course, follow these guidelines to get your tax refund.
