1 / 7

Top 5 Reasons or Situations That Require a Tax Refund

To understand the five factors that make you eligible for a tax refund and the reasons you require the expertise of a Los Angeles tax accountant, please examine the following excerpt- https://jarrarcpa.com/tax-accountant-los-angeles/

Jarrarcpa
Download Presentation

Top 5 Reasons or Situations That Require a Tax Refund

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Top 5 Aspects Or Situations That Demand A Tax Refund

  2. Tax Deductions Tax deductions work on reducing your taxable income. This in turn, significantly affects your total tax liability. When the total deductions that you have claimed exceed your taxable income, you can expect a tax refund. Deductions can be of many types. For instance, deductions like state and local taxes, mortgage interest, medical expenses, etc., can impact your taxable income.

  3. Changes In Filing Status Situations like major life events that cause a change in the filing status of taxes also affect your share of tax liability. Instances of such life-changing events as getting married, or having children can make you eligible for tax credits and tax deductions as well. If these changes do affect your tax liability and reduce them, you may receive a refund to account for the lower taxes owed.

  4. Tax Credits Tax credits are considered to be powerful tools that have a significant impact on the process of reduction of tax liability. For example, the Earned Income Tax Credit (EITC) is beneficial for individuals having low to moderate income. If the total calculated tax credit exceeds the total tax owed, the excess amount is refunded. These are somewhat complicated matters and hence it is better to leave this responsibility to an expert tax accountant in Los Angeles.

  5. Taxes That Are Overpaid At times it might happen that an individual or a business has paid more taxes throughout the year than what their tax liability was. This can happen due to excessive withholding from paychecks or overestimating estimated tax payments. The refund that is issued is to return the surplus funds that are paid to the government, effectively reconciling the taxpayer’s account. This is the reason you need a tax accountant in Los Angeles for errorless calculations.

  6. Tax Credits At times it might happen that an individual or a business has paid more taxes throughout the year than what their tax liability was. This can happen due to excessive withholding from paychecks or overestimating estimated tax payments. The refund that is issued is to return the surplus funds that are paid to the government, effectively reconciling the taxpayer’s account. This is the reason you need a tax accountant in Los Angeles for errorless calculations.

  7. Thank You! For quick suggestions on tax refund, visit: https://jarrarcpa.com/

More Related