How Much Do I Get In Back Taxes?
How much do I get back in taxes?
Most spoken sentence on each individual is this: How much I get back in taxes?
This question looks complicate but is simple. Before going to start you should have a little bit knowledge about “Withheld Tax”, normally called Withholding Tax or called Income Tax. Withholding tax is a part of money withheld from your paycheck. For Example, if you pay a check of $1000 the amount deducted with $1000 check is called withholding tax. Have a cup of coffee, then we will forward next.
You can use Google+, Google webmaster, Google Analytics, Picasa Web, Google Docs, Google Places, Feedburner, Picasa creative kit, Google Drive, Google Merchant, etc to find more about terms like withholding tax.
Actually, tax refund is a difference between your obligated taxes and amount withheld from your income. More amounts withheld from your wages throughout a year, more will be your refund amount from IRS. It is advised to taxpayers that their withheld tax should be approximately closure to their actual tax obligation prescribed in finance bill in a year.
A large number of peoples, after filing their return ask a question to themselves that “How much do I get back in taxes” or where is my refund, but they did not get anything because their income tax amount is not greater than you owed for a year.
You may also interested to read Get your tax refund: How much do I get back in taxes?
Calculation about How much do I get back in taxes?
There are two things you should know in order to know about how much do I get back in taxes?
- Your total income tax owed for a financial year, for this your can used income tax owed calculator or finance bill.
- Your total amount withheld with IRS, for this you can use W2 Form.
The difference between two above is answer of your question. Things like tax deductions, exemptions, and benefits claimed throughout the year are also considered while calculating tax refund amount.
I suggest you to use IRS official page to get answer of your query rather than to err on different places.
Why Your Tax Refund Delayed?
No one wants to lose their refund money. Actually, not mine too! According to IRS, they refund 9 out of 10 times but every taxpayers must remember that the tax refund process can be delayed or even stopped due to your mistake. There are number of reasons that can delay or stop your tax refund process like error in your refund request or way of your approach of refund. Normally paper process takes time twice then that of filing your return online. Here are reasons that may be on your refund request form.
- Missing or incorrect information on your tax return form
- Mathematical error on your tax return form
- Wrongly mailing address or use bad courier service
- Non delivery/return of your parcel
After 24 hours of filing your return, you can check it by different ways like using IRS2Go App, IRS Helpline or My Refund Tools.