What is a Tax Refund?
Taxes, Taxes, Taxes, everyone loves Taxes! Lets define Tax Refund, it’s money you are owed at the end of a financial year due to overpayment during that tax year, Refunds are determined by the individual preparing your taxes. The tax refund is calculated by the Total Income, less the sum of the total amount of withholding taxes and estimated taxes. Lastly, add the refundable tax credits. (See Diagram below)
After the sum is totaled this is your Tax Refund!
Determining your Tax Refund Status
Understanding where in the process your Tax Refund is can be frustrating! Here at Tax Refund Status we like to make sure you have all the outlets for figuring out how to look up your Tax Refund Status, whether it’s an individual Tax Refund Status, Federal Tax Refund Status or State Tax Refund Status we have the links and information to help!