Secret To Getting A Max Tax Refund? : r/personalfinance - Reddit

Q: Is it a good thing to not get a tax refund?

Edited to add: Contrary to the beliefs of many people who are financially innumerate, it's not a Good Thing to get a huge tax refund every year. Unless you simply like making an interest-free loan to the government. It's a much Better Thing to not get a tax refund. That means you're smart enough to not make an interest-free loan to the government.

Q: Can I get a $1 million tax refund?

Your refund is a more or less completely meaningless amount; I could get a $1 million tax refund if I wanted to. All I have to do is write the IRS a $1 million check right before I file my taxes. For example, what is your total income (AGI), total tax, and total payments? I did a tax return on the free version of TurboTax yesterday.

Q: Does a tax refund make sense?

A Refund generally makes sense if you had taxes withheld during the year (W2 jobs) or paid estimated taxes on your own. Did you pay estimated taxes throughout the year? Review the return and see where the number occurred. You should be able to tell if there was a mis-entry or a credit.

Q: How do I get a tax refund if I don't make money?

(note that the taxes you save will be less than the money you lose and the CRA will eventually get suspicious if your business never makes any money) Make a tax payment of $1 million to CRA as an instalment payment early in the year and you will get a $1 million tax refund.

Q: What is a tax refund?

It reports all of your taxable income and your deductions & credits for the prior year, and comes up with the amount of tax you owe . Your tax refund is the money you get back when you've had more money withheld over the course of the year than you owe in taxes. Also known as "an interest-free loan to the government."

r/personalfinance A chip A close button. Get app Get the ... The secret to a maximum tax refund is to write the IRS the biggest check you can possibly afford as a Q4 estimated tax payment, …

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How Can I Maximize My Return On My Tax Refund? : …

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$3k spread through the year could effectively be thought of as $1.5k at the beginning of the year. You actually get your refund some time after the start of next year so you'd get a little more …

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How To Maximize My Refund Or Lower Taxes Paid On Tax Return

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Start with Schedule C - put in income and list all expenses. You arrive at net earnings (profit). If >$400, head on over to Schedule SE to pay your self employment taxes. All these flow to the …

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Maximizing Refund : R/personalfinance - Reddit

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My husband made $50k (plus a very small bonus <$200). I did not earn income for the year. I’m wondering if we will get a larger refund by filing that rumored paperwork, or if we could get a …

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Estimation Of Tax Refund? : R/PersonalFinanceCanada - Reddit

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From the calculator “If you make $40,000 a year living in Ontario, you will be taxed $7,756.” For a very simple answer - Like someone else said, look at your last pay stub for the YTD tax …

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Why Am I Getting Such A Big Refund? : R/tax - Reddit

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Jan 4, 2023 · Last year I got a $12,000 refund, but I attributed that to us having a baby in the middle of the year in 2020, the premium tax credit from my wife’s insurance, and the enhanced …

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FAQs about Secret To Getting A Max Tax Refund? : r/personalfinance - Reddit Coupon?

Is it a good thing to not get a tax refund?

Edited to add: Contrary to the beliefs of many people who are financially innumerate, it's not a Good Thing to get a huge tax refund every year. Unless you simply like making an interest-free loan to the government. It's a much Better Thing to not get a tax refund. That means you're smart enough to not make an interest-free loan to the government. ...

Can I get a $1 million tax refund?

Your refund is a more or less completely meaningless amount; I could get a $1 million tax refund if I wanted to. All I have to do is write the IRS a $1 million check right before I file my taxes. For example, what is your total income (AGI), total tax, and total payments? I did a tax return on the free version of TurboTax yesterday. ...

Does a tax refund make sense?

A Refund generally makes sense if you had taxes withheld during the year (W2 jobs) or paid estimated taxes on your own. Did you pay estimated taxes throughout the year? Review the return and see where the number occurred. You should be able to tell if there was a mis-entry or a credit. ...

How do I get a tax refund if I don't make money?

(note that the taxes you save will be less than the money you lose and the CRA will eventually get suspicious if your business never makes any money) Make a tax payment of $1 million to CRA as an instalment payment early in the year and you will get a $1 million tax refund. ...

What is a tax refund?

It reports all of your taxable income and your deductions & credits for the prior year, and comes up with the amount of tax you owe . Your tax refund is the money you get back when you've had more money withheld over the course of the year than you owe in taxes. Also known as "an interest-free loan to the government." ...

Should I get a huge tax return from the IRS?

Exactly what FN2187 said… You never want to get a huge tax return from the IRS. If you do, it just means you lent a huge amount of money to the govt for free and got no interest on it for the year. That’s money you could have invested or used during the year… ...