Whole New Meaning For “Tax Return”
Whole New Meaning For “Tax Return”

I was helping my daughter prepare her tax return last night. She graduated in May of 2009 and started a job in August 2009. As she was entering information into Turbo Tax, she asked me how much money she would get back. I informed her that she may or may not get any money back. In fact, some years she might have to write a check!

Whole New Meaning For “Tax Return”

She was shocked! She said, “I thought tax returns meant that they return your taxes!”
Once I stopped laughing, I spent the next 30 minutes explaining the difference between getting a refund and how much taxes you pay. Needless to say it was an awakening for her.
tax return

ARTICLES YOU MIGHT LIKE

Tax Brackets

See Also: Marginal Tax Rate Prepaid Income Tax Ad Valorem Tax Deferred Income Tax Cash Flow After Tax Tax Brackets What are tax brackets? Tax brackets are levels of taxation determined by income. Individuals with income falling within a certain tax bracket pay taxes according to the stated rate for that bracket. Typically, lower income

Read More »

Impact of FIT on Sustainable Growth Rate

The Institute of Fiscal Studies authored a study on tax systems in the UK called “Tax by Design: Mirrlees Review.” They concluded that “in the long-run, the tax system should be judged in part on its impact on the sustainable growth rate of the economy… viewing efficiency in a dynamic as well as static sense.” As we

Read More »

W2 Form

See Also: 401k Cash Flow After Tax Deferred Income Tax Form 1098 Marginal Tax Rate W2 Form Definition The W2 form definition is used by employers to report employees‘ wages to the Internal Revenue Service (IRS). The W-2 is also used to report the amount of taxes that have been withheld from each paycheck. W2

Read More »

JOIN OUR NEXT SERIES

Financial Leadership Workshop

MARCH 28TH-31ST 2022

THE ART OF THE CFO®

Financial Leadership Workshop

Days
Hours
Min

September 12-15th 2022

Days
Hours
Min
SHARE THIS ARTICLE

JOIN THE NEXT STRATEGIC CFO™ WORKSHOP SERIES

Strategic CFO™ Financial Leadership Workshop
The Art Of The CFO®

Days
Hours
Min

February 27 - March 2, 2023

Skip to content