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My friend at work says that she files her taxes before the next year has come so she gets the federal taxes back is this true can that be done...ex: she filed her jan 07 to jun07 federal tax in july 07 and got back all of her federal taxes that have been taken since jan 07

2007-08-18 12:30:23 · 6 answers · asked by Anonymous in Business & Finance Taxes United States

6 answers

There is no way to do what you have described. There are reasons why someone would get a individual tax refund in July 07 but it would be for the 2006 tax year or before. There are other type of tax returns that your friend could be talking about but not her individual income taxes.

2007-08-18 12:38:09 · answer #1 · answered by ? 6 · 2 0

I've been preparing returns for years and never heard of such a thing. The name of the game really is not trying to get big refunds but to break even. Big refunds are just an interest free loan to the IRS. Best thing to do is not pay in so much during the year and live off of you money than putting into IRS' bank. Submit form W-4 to the employer with the number of exemptions to minimize the withholdings.

2007-08-18 14:49:11 · answer #2 · answered by IRENE THE BOOKIE 3 · 0 0

Uh, no, she's not telling you the truth - forms aren't even available yet to file for 2007, and returns won't be accepted until sometime in January 2008. Since she wouldn't know what her total income for the year would be, it would be impossible to file until after the year was over even if forms were available - that's why the IRS doesn't accept returns until January.

2007-08-18 16:14:51 · answer #3 · answered by Judy 7 · 0 0

US Income taxes are reported on an annual basis. You don't have to end your year in December, but you have to report 12 months at a time. You can adjust your withholding or other prepayments throughout the year to reflect what you are going to owe at the end, but that's about it.

2007-08-18 12:37:28 · answer #4 · answered by Anonymous · 1 0

Federal taxes are filed yearly. I don't know what your friend thinks she's talking about.

2007-08-19 15:10:25 · answer #5 · answered by Jackie S 2 · 0 0

Go to www.irs.gov and check it out. I know small businesses can pay quarterly so they don't have it hit them all at once. Is she doing something along those lines?

2007-08-18 12:36:35 · answer #6 · answered by Michelle 4 · 0 2

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