Tax Returns

If you earn money in America then you pay taxes on that income. Filing a tax return is the way that the IRS determines how much you have been taxed. After calculating your tax return then you will see if you owe the IRS money or if you will get a tax refund. Getting a tax return will mean that too much money was withheld from your paychecks and you will get that extra money back in a tax refund.

Generally the deadline to file your tax returns is between April 14th and 18th, depending on the year. That tax return is for the preceding year. For example, you would file your tax return for the year of 2007 during 2008 by April 18th.

If you are an employee then you filled out a W-4 form when you first started your job. The W-4 form controls how much money is withheld from your paycheck. The goal here is to get just the right amount of money taken from your paycheck so you don’t have to pay or get refunded very much money at the end of the year. The more allowances you claim the lesser the amount of cash will be withheld – but remember that you will have to pay MORE taxes if you claim too many allowances. You can change your W-4 at any time.

When you file a tax return make your filing status is set the right way. The IRS gives us 5 filing statuses:

1. Single - You are legally single according to state law.

2. Married, filing your return jointly – If you are married during the year you can choose to file a joint return. Your marital status at the end of the year is all that matters.

3. Married, with each partner filing a tax return separately – You are married but you want to be responsible only for your tax return.

4. Head of household – You are not married but provide more than half the cost of the living situation for yourself and a qualifying relative.

5. Qualifying widow/widower with dependent child – If you spouse has passed away.


Taxes can get complicated quickly and sometimes additional tools can help to figure out taxes such as tax return calculators.