Tax Refund Online 2017- 18 | Tax Refund Status | Fast Tax Refund


Presentation Description

Everyone doesn’t exactly know that how and where they get back their tax refund. So our tax professional will help you in file your state and federal tax return online and gives you maximum and fast tax refund as possible.


Presentation Transcript

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What is tax Refund ?

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How to estimate your Tax Refund ?

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Your tax refund is the amount of money you can expect to receive from the Internal Revenue Service (IRS) or your state tax authority after you file your return. A refund results when the amount of taxes you have paid in advance, along with tax credits for which you are eligible, exceed your tax liability.

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Steps to Determine Your Tax Refund

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For starters, you will need to gather documentation of your taxable income for the year. This includes salary, commissions, bonuses and so on from your job, money received from renting out property, gains on investments, gambling winnings, unemployment benefits and so on.

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Itemized or Standard Deduction ? Step:2

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Common itemized deductions include expenses such as real estate taxes, medical expenses, mortgage interest, and student loan interest. You can choose to either claim your itemized deductions or claim the standard deduction, which is the following for federal tax returns in 2017 $6,300 for single and married filing separately taxpayers $12,650 for married filing jointly $9,300 for heads of household

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Determine Your tax Liability Step:3

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Take your total income from step one and subtract either your standard deduction amount or the sum of the itemized deductions you calculated in step 2. Compare the result to the 2016 federal tax brackets listed below, and this will allow you to estimate your tax liability.

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A tax credit is an amount of money a taxpayer is able to subtract from taxes owed to the government. ... Unlike deductions and exemptions, which reduce the amount of taxable income, tax credits reduce the actual amount of tax owed.

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To determine the total amount of taxes withheld, you will need a pay stub and any other documents showing how much you have paid in taxes to date. Multiply this amount as necessary to cover the entire year.

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Compute the amount of your refund Step: 6

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Subtract the total taxes withheld you determined in Step 5 from your tax liability after credits as calculated in step 4. If the result is a negative number, that amount is what you overpaid in taxes and can expect to have refunded to you.

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To calculate your tax refund with our free tax calculator Click Here

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