2007-07-30 18:29:45 · 5 answers · asked by chaka333@verizon.net 1 in Business & Finance ➔ Taxes ➔ United States
A refund means you overpaid during the year and could have kept that money instead of sending it to the government to use interest free for a year. A big refund is a bad thing, not free cash from the government.
It is generally best to try to break even at tax time. You might want to consult with a tax advisor to determine how much to send in on your quarterly taxes so that you will not owe a lot but will also not have a big refund. If you get a $2000 refund, it means you overpaid your taxes by $167 per month. I know I'd rather have that money available for me when rent is due rather than getting one big check in the spring.
To answer your question: if you overpaid your taxes, you will get a refund. If you underpaid your taxes, you will owe money. The amount of taxes for the year depends on your specific income, credits, and deductions so it is impossible to give you a definite answer one way or another.
2007-07-31 00:30:42 · answer #1 · answered by TaxGurl 6 · 0⤊ 0⤋
Will depend on what your tax situation is and no two are the same. Depends on many many many factors. Too many to even go into. Check out our 1040 Tax Estimator on our site, this may help you to possibly estimate if you might get one for example.
For example, depends how much you made, how much you have in investment, how much you expense in your business being as you're a Contract Labor, could be a Sole Proprietorship, S corp, LLC, etc. etc. As I said not enough info and probably would not ever be in order to logically and professionally answer such question.
Sorry I cannot be of more help but there are 1 million plus answers to this one and then some.
Wayne Barney
President
BC Business Services, Inc.
Http://www.bcbsinc.com
2007-08-03 15:08:24 · answer #2 · answered by Info@bcbsinc.com 2 · 0⤊ 0⤋
The only time ANYONE ever gets a refund is when he/she/they has paid more into the system than they actually owed or he/she/they have more refundable credits than tax liability minus the amount they paid in. It makes no difference if you paid in quarterly or every paycheck.
2007-07-31 01:35:21 · answer #3 · answered by shoredude2 7 · 0⤊ 0⤋
You get a refund if you paid in too much. If you didn't pay in enough, you owe the rest when you file, plus possible penalties for underwithholding depending on the amount you are short.
2007-07-31 12:48:57 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
yes
2007-07-31 02:00:55 · answer #5 · answered by Anonymous · 0⤊ 1⤋