Will i get my taxes back


will i get my taxes back

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How Do I Get My Tax Refund Back Fast – Tips You Need To Know

It’s tax time and people want to know how do I get my tax refund back fast. The good thing is that there are tips drawn from my personal experience that may help you get your taxes back faster than in a previous year. Please note, I am not a tax specialist, CPA, or member of the legal profession. I am merely sharing first hand experiences on this topic because many people have asked me to share my personal perspective on the matter. My tips are just ideas that I have thought about after filing years of tax returns. Again, I am in no way dispensing professional advice. With that said, in order to know if you are even entitled to a tax refund, you should complete your taxes as soon as you receive your necessary documentation. For many of us, pertinent documents like W2 forms and 1099s may arrive in January. If you are like me, sometimes you might not get them all because you have moved and you might have to track them down. Once you have all the necessary materials to complete your taxes, it is time to sit down and calculate your tax refund. Remember, you have to file your taxes to make your request for the tax refund you think you are entitled to. Keep in mind, not everyone gets one and the amount you computed on your tax forms may or may not be correct. I have actually been on both sides of this situation. Personally, there have been times where I thought I owed taxes and sent in money to the IRS. Then, a few months later I got a check back. Other times, I thought I was getting a refund, but instead got a letter saying I owed them. So an important rule of thumb here is not to assume you are guaranteed a refund.

To help with tax preparation services, you might consult one of the many companies that are dedicated to helping individuals like me and you. I personally have had a wonderful experience visiting the www.hrblock.com site . You might explore their services if you need help filing your return. Another tip for those wondering how to get my tax refund back fast is to file online in my opinion. Simply put, to me, it always seems that I get my refund check back faster when I prepare my materials and submit them online. In fact, there are many entities that will aid you in preparing your federal taxes online for free. While I am not an expert and don’t know definitively if submitting online is faster than mailing, my experience has shown it has. However, you need to determine your comfort level vis-a-vis each tax preparation option. For example, if you are more comfortable doing a paper form for taxes, you might stick with that and not worry about which method is faster – if there is truly a difference between the two methods.

If you are contemplating how to get my tax refund early, consider having your taxes prepared and filed by companies that offer advances on your refund amount. A couple of my friends have done this in the past and were pleased to get their hands on tax refund cash quickly. Keep in mind, this, from what I understand, is not actually your refund. Instead, it appears that tax preparation services that offer this approach are merely giving you a loan based on an expected refund amount you will get. It also seems that, depending on who is offering such a service, there will be fees and charges associated with this. As a result, ask many questions. You may decide that it may or may not be in your best interest to wait a little more. Then again, if you need it, this might be a great way to leverage your tax refund to achieve that goal. You will have to assess your own personal situation and make that determination.

How much taxes am i getting back?

1# Use our tax calculators to make filing taxes easy. . Estimate your tax refund to find out how much you'll get back this year on your tax return or how much you'll owe.

2# The size of your tax refund is determined by a breathtaking number of factors. . How Much Money Will I Get Back on My Taxes?

A: The size of your tax refund is determined by a breathtaking number of factors. . How Much Money Will I Get Back on My Taxes?

Q:How to Estimate How Much I Will Get Back in Taxes .

A: Given the variety of free tax calculators available online, it's easy to estimate how much you will receive from taxes withheld. This will help you plan how to spend .

Q:How much am I getting back in taxes?

A: Jan 30, 2008 · last pay stub of 2007 says Federal Tax-Year to Date-$171.38 FICA-Social Security Tax-$207.38 FICA-Medicare Tax-----$48.50 NY State Tax .

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A: Can I Find Out How Much I Will Get Back on My Taxes Without My W-2s? . The form makes it easy to figure the size of your tax refund -- or how much more you owe .

Q:How To Get The Most Money Back On Your Tax Return

A: One of the primary concerns on taxpayers' minds during the tax season is how to get the most money back or pay the least amount . Connect With Investopedia; Work .

Q:How much am I getting back on my federal return .

A: To find the amount of your expected refund: You can log back into TurboTax if you used TurboTax online and click on Taxes in the top left.

Q:How much am I getting back on my taxes

A: There are a couple of ways that you can find out how much your federal refund amount is calculated to be. You can sign in to your TurboT.

Q:Free Income Tax Calculator and Estimator

A: Use H&R Block's free tax calculator to estimate your tax refund or how much you . 9 AM – 8 PM Central . If you request cash back when making a purchase in .

Q:What Determines How Much You Get Back on Your W

A: A number of factors influence how much you will get back when you file your taxes. These factors include the number of exemptions you claimed when you started your .

Q:How to read my taxes/how do I know how much I am getting .

A: How do I read my taxes/how do I know how much I am getting back? Update Cancel. . How do you know how much income tax you get back?

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A: Jan 22, 2007 · i wanted to see how much i was getting back . How can i see how much i am getting back on taxes online? i wanted to see how much i was getting back .

Q:How to Figure How Much Your Tax Refund Will Be

A: How to Figure How Much Your Tax Refund Will Be. March 31, 2009. By: . Click "Calculate9quot; and the system will reveal how much money you will get back or how much you .

Q:Am I getting too much money back from my tax return?

A: I’m 27, so I’ve done my taxes for years now. However, in the past I’ve been a private flute teacher and freelance musician, so taxes were al

Q:Do I Get Back All Federal Taxes Withheld?

A: Do I Get Back All Federal Taxes Withheld . Determining filing status is the first step in eventually determining how much of your taxes you will get back in the .

Q:how much am I getting back on my tax return?

A: Jan 28, 2007 · Best Answer: Get your w-2's and then go to the H&R Block link below and enter your personal infomation. It's a tax estimator caculator, that will tell you .

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A: How much taxes should I get back. . HI there I am filing my taxes with my boyfriend this year. He received the FTHB credit of 8k which we received already.

Q:What Percent of Income Taxes Do We Get Back?

A: Everyone looks forward to a tax refund; it can be an unexpected bonus to receive a check in the mail or in your bank account. How much you get back depends on many .

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Q:How much federal tax should i get back??

A: Jan 26, 2008 · Ok, my income last year was about $23000. I had $2700 in federal taken out and $930 in state. I am single, no kids and i claimed 0 on my taxes and in .

Q:Ways To Increase Your Tax Refund You Never Thought About .

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How to Get More Money Back from your Tax Return

It’s that time of year again! TAX TIME! В If you didn’t get a chance to implement any of my 16 Tax Tips for Year End , don’t fret, my friend, there’s still time to get more money back from your tax return!В

I started filing my own taxes last year. Before that, I hired an accountant to do my taxes (my taxes were really simple) and paid about $125 for his services. He gave me a few good tips which I carried on to use for the next year, when I learned to do it myself. В I decided to do my own taxes because:

1) I didn’t want to pay someone else $125 when I could do it myself

2) I didn’t have my own business so I couldn’t deduct my accountant expenses

3) No one cares about your money more than you do.

4) I wanted the challenge and to actually understand the system.

They can charge exorbitant fees if your tax return is complicated and often the people doing your tax returns are not accountants.  I’m sure there are good and decent people that work at H&R Block, but my guess is that they work primarily with high net worth clients.  The folks that deal with the average walk in customer likely took a basic course and simply ask the questions that get shown to them on their screen (much the same method that tax preparation programs use to allow you to simply do your own taxes).

I still harbor a special place of disgust in my heart for H&R Block due to a post-secondary student promotion they ran with great success back when I was attending school.  They would advertise something like “FREE Piazza” and “Walk in and get your cheque TODAY for $0”.  What the price really was however was 10% of your tax return.  Since students often have relatively low incomes and lots of tax credits, they tend to generate fairly large tax returns.  I know several of my friends and I walked in, answered basic questions for 20 minutes (as read to us by someone who clearly had just started in the tax world and wasn’t really proficient in the English language), and were charged $200-$300 (10% of our return, which we didn’t really understand at all).  We did get our tax return money a few weeks early though – and for a bunch of broke students who really wanted to celebrate the end of classes and exams – that was the main consideration.  The more perspective I gain on life and the financial world, the more distasteful and unethical this experience becomes in hindsight.

Doing Your Own Canadian Tax Return

Doing taxes by yourself is actually kind of fun (yes, I know I sound lame… but maybe I was an accountant in my past life) but I would only say it is “fun” if you use a tax preparation software program and you have a fairly mainstream return to prepare (i.e. you work for one or two places that provide you with a basic T4 every year).  Calculating everything by hand with a calculator and a pencil and eraser would likely drive anyone batty.

If you have your own business, do a lot of freelance work, have a lot of investments outside of an RRSP and TFSA (you’re way ahead of the game if this is the case) or have rental property, it can be helpful to hire an accountant because there is simply a lot more to take into consideration.  That’s a challenge I’m just not ready for you yet – but if you are, then all the power to you!

Alright my friends, so here are some ways to Get More Money Back from Your Tax Return:

  • One key thing to remember is that you really need to KNOW what you can deduct IN ADVANCE, or else you won’t be aware to collect them for your deduction!! (i.e. receipts, transit passes, etc.) В So you kind of have to embody the accountant mindset throughout the year in order to reap the full rewards.
  • Contribute to your RRSP before March 1: The RRSP deadline is usually around March 1. В You can find how much you’re allowed to contribute on your Notice of Assessment (you know, that form the government sent with your tax refund cheque last year?) When you contribute to your RRSP, you’ll be able to receive a tax refund, that you can later then contribute to your TFSA or to pay down your mortgage! (Hey, two birds with one stone– not bad, I say!)
  • It is important to remember though that sometimes a TFSA is a better place for you be saving than your RRSP. В Check out our comparison here for more information. В Having said that, if you have enough dough to contribute to both a TFSA and your RRSP, you can contribute to your RRSP BUT hold off on using it as a tax deduction until future, more income-generating years (use Schedule 7 for this).
  • Keep your Transit Passes: You can get a tax credit of 15%. В If you’re a student, keep your monthly pass because you can deduct the cost you pay for it on your taxes. В If you have a monthly transit pass you can claim those as well. (Don’t lose them or throw them away! They’re worth something even after the transit pass expires). В The transit passes have to provide detailed information (e.g duration of use, transit authority, amount paid) and are good for a Federal Tax Credit.
  • Tuition Credit: If you’re a student or recent grad (congratulations!) you can claim your tuition credits. В Several provinces also have tuition-related tax benefits.

Note: If you’re one of the few that need to file an American tax return, check out this article that compares the most popular tax software in the U.S.

Will i get my taxes back

  • Claim your Student Loan Interest: Yes, having student loans looming does have a minor silver lining- that is, you can claim the interest that you are charged on your student loan.
  • Claim Medical Expenses: Keep your receipts for any prescriptions and medical or dental expenses that weren’t covered by your Health Benefits Plan. В If you plan to get laser eye surgery (which can be upwards of $3,000) for example, you should make sure you keep other expenses you incurred within any 12-month period (it doesn’t have to match the tax year– e.g. it can be from April 2008 to April 2009 instead of January 2009 to December 2009) as long as you hit the magic number: 3% of your net income OR about $2,200 for tax year 2016 (whichever is less). В If you live common law or are married, you can add up your expenses for both of you and claim it against the person with the smaller income (3% of a lower number is easier to become eligible for). В Your pharmacist can usually give you a statement of all your prescription drug costs if you contact them.
  • Utilize Dividend Tax Credits: THIS is why Canadian corporations that pay dividends are best kept in a non-registered account. В The taxes on dividends are much lower and almost favourable if you are in the lower income tax bracket.
  • Claim your cell phone and internet bills: The tip my accountant gave me was that you can deduct a reasonable amount of your phone bill (e.g. 50)% if your employer regularly uses it to call you to obtain work (this works for example, if you are a ‘casual’ employee and they usually call you to see if you can come in to work). В The percentage used should be traced back to your airtime. В A similar rule of thumb exists for your internet use.
  • Donate to charity: Charitable donations are tax deductible (as long as the charities are registered). В This is why it makes sense to donate your old broken down car. В You easily get rid of a trash heap that you’d have a difficult time selling, the charity gets something they can sell for parts/scrap, and then you also get money back on your tax return because you “donated” the equivalent value of the car.
  • Support your preferred politician: Governments love giving tax breaks to people who give their party money. В Who would have thought? В There is a bevy of tax credits available for folks that donate to political parties. В If you have any questions on the matter just call your preferred party, I guarantee they’ll have someone available to discuss the details!
  • Working from Home: If you work from home more than 50% of the time, there are a large number of deductions that you can account for. В You can deduct your internet expenses and stationary bought provided that you use these to obtain income. В If you rent, you can deduct the portion of rent and any other maintenance costs you would pay for your office space. В Per the CRA’s workspace in the home expenses site:

You can deduct the part of your costs that relates to your work space, such as the cost of electricity, heating, maintenance, property taxes, and home insurance. However, you cannot deduct mortgage interest or capital cost allowance.

  • Don’t give an interest-free loan to the government: Yeah, you heard me… that lovely tax refund you get in the summer? It’s basically YOUR money that the government was keeping warm for you. В If you fill out a T1213 form and hand it over to your employer, they can deduct less of your income on your paycheque. В This allows you to keep your money in your hands form day one instead of waiting on a big tax refund.

There’s a variety of tax return software available.  Some are free.  You could even use the tax return software to do all your calculations, and then input the numbers into your paper tax return (the tax return booklet).

Here are a few that are popular, FREE, and NETFILE-certified if you want to send it through NETFILE :

Popular Choice – Will i get my taxes backTurbo Tax :

You can start the return for free but you may need to pay a bit to actually file it (depending on your specific situation). В One of the most popular tax preparation software options available in Canada and USA. Young and Thrifty recommended product that we have been using ourselves for years and never faltered.

Turbo Tax is owned by Intuit, the biggest supplier of accounting tools and platforms, which has a market cap of more than $30bn (USD).

Studio Tax : Not the fanciest of websites, but it’s great for basic tax returns.  It’s completely free (if you file less than 20 tax returns)! Free download of tax software and you don’t need a license key or registration key to get it.  They even have student versions.  You don’t have to pay $40 for Ufile or Quicktax.  Studio Tax is highly recommended.

CANTAX: This was the program I used last year. It’s super comprehensive and it’s designed for tax professionals.  It’s NOT free, but it’s good.  It was free for me because my dad the accountant let me use it. =)

UFile : You can file for free with UFile if you earn less than $20,000 per year OR if you are a student (Oooh the perks of being a student).  If you do not fall into that category, you can try it for free and only pay when you have to print or submit it online through NETFILE.  It’s $15.95 for this.

Have you ever filed your taxes by yourself? В What do you think of it? В Any suggestions or tips with any of the free tax preparation software mentioned above?В

will i get my taxes back

We employ a small team of dedicated staff who are experts at maximising the IRD tax refund eligibility of our clients and work hard to ensure that our clients get a fair deal. We promise to work tirelessly on your behalf to ensure you get your NZ tax refund as fast as practically possible. If we can’t get a tax refund for you, then nobody can! All you need to do is complete our simple online application form and let us worry about the rest. The sooner you get started, the sooner you might receive a well-earned IRD tax refund.

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