I dont understand how people get thousands back on their tax …

I do know if it has been said yet, but one possibility for your friends getting back so much more could be because of lies on their tax return. Example: A friend of mine works out of town 3 …

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Why Do People Get So Much Back? : R/taxrefundhelp - Reddit

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I been doing my taxes for over 10 years on software online. I see so many people getting thousands like upwards of $6000+ I never ever get that much and don’t understand? I know …

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Did You Get A Big Tax Refund? Here's Why That Might Not Be A …

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For example, if your withholdings total $20,000 for the year, and your tax is calculated to be $15,000, you get $5,000 back. By doing this, you are effectively loaning the government …

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Don't Work But Get Huge Tax Refunds? - What To Expect

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Dec 14, 2011 · I have seen people on fb posting their estimated tax return amount and getting all excited about it. How can u make $12,000 and get a refund of $5,000-$7,000? ... I'm not an …

whattoexpect.com

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I’m A Tax Accountant: Here Are The 5 Best Ways To Get An Extra …

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May 8, 2023 · “Different tax credits allow you to deduct a certain amount from your tax bill. For example, if you owe the IRS $7,000 as taxes and have tax credits amounting to $1,000, then …

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Cash-strapped Americans Paid Nearly $850M To Get Their Tax …

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Dec 9, 2024 · Tax-filers who got refunds paid the price. A report by the Treasury Inspector General for Tax Administration (TIGTA) found that during this year’s tax season, roughly 22 …

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Why You Didn’t Get A Bigger Tax Refund This Year - The Balance

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Jun 30, 2022 · Lowering the mortgage interest deduction: Before 2017, taxpayers could deduct interest on up to $1 million in mortgage loans. The TCJA now allows taxpayers to deduct …

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FAQs about I dont understand how people get thousands back on their tax … Coupon?

Should I get a big tax return?

Getting a big return means you overpaid throughout the year. It sounds like you are more accurate in what you pay in, so smaller return. If you really want a big return, have more taken out throughout the year Big refund. A return is just the (electronic) paperwork you use to file your taxes. ...

Why do people still fall behind on their taxes?

Clearly, despite the threat of stiff penalties, seizure of assets, and even jail time, millions continue to fall behind on their taxes. Every year, working Americans are required to file income tax returns with the IRS, reporting their total income from employment but also other activities such as investments. ...

What if I didn't get a bigger tax refund this year?

If you received unemployment benefits for part of the year and opted not to have taxes withheld from them, your refund could also be less than expected. If you were disappointed at not getting a bigger tax refund this year, it’s never too soon to consider your tax planning efforts for next year. ...

What happens if you pay your taxes too much?

So, when you fill out your tax return, the IRS will see that you paid them too much and send you a check for the difference in the form of a refund. What you really want is to set your tax withholdings so that you owe nothing and get nothing from the IRS every year. ...

Should I get a tax refund of less than $1000?

A refund of less than $1000 is right where you want to be. Just FYI, your "tax return" is the paperwork you submit to the IRS. The money you get back is a "tax refund." As others have said, the goal for most people should be to basically break even at tax time, having withheld the proper amount. ...

Should I get a tax refund?

The money you get back is a "tax refund." As others have said, the goal for most people should be to basically break even at tax time, having withheld the proper amount. If you're concerned that you're actually missing some deduction and paying too much taxes, then it might be worth it to have a CPA review your taxes for mistakes. ...