I've noticed a lot of confusion around this subject, so just a quick note:
- Your tax return is a report of your financial activity over the course of a tax year. It is your way of telling the government how much money you earned and lost, and how you earned/lost the money.
- Your tax refund is the repayment to you of your excess withholding paid over the course of the year. If your tax burden is $10,000 and you had $12,000 withheld, then your refund is $2,000. If your tax burden is $10,000 and you had $8,000 withheld, then your refund is $0 and you owe $2,000.
Hope this helps!
Submitted January 19, 2017 at 09:17AM by cjw_5110 http://ift.tt/2jBNUyM
