taxes?????

Question

when u file ur taxes how do u know if u owe the govt money or if u get a refund? i have to do my taxes for the first time this year and dont know anything? help.

Answer 1

Since you probably don't make much income, you can go to the IRS website and sign up for one of the free electronic tax programs - I recommend turbo tax - then you fill in the information they ask you off of your W-2 and 1099 (interest income) statements, and when you answer all of the questions, the program will tell you if you owe the IRS or if they owe you.

Answer 2

A refund is just the fact that you have overpaid your taxes so the government is refunding the difference. The simplest situation is, if you are employed, your employer withholds taxes during the year and using the IRS tax form and tax tables you compute how much you should pay. If your withholding, found on your W-2, is greater than your taxes you will receive a refund. Go to your local library, pick up a tax form and instructions and start reading! There may be other credits you may qualify for like earned income. If you have questions, you can call IRS at 800 829-1040.

Answer 3

You fill out a tax form (1040EZ if you just have a W-2, and no dependents). It tells you how much your total tax is. If your withholding for federal income tax on the W-2 is more than the tax, you get a refund, otherwise you pay the difference.

Answer 4

thats the beauty of doing you taxes once you finish them youll know whether you owe or get a refund

Answer 5

Calling the IRS will get you alot of information that you're looking for. If you don't want to do your taxes yourself you can buy Turbo Tax or go to H&R Block for cheap. Do it right!