Why does the government take out (too much) taxes each month and then we have to ask for a reimbursement?

Similar questions: government taxes month reimbursement.

The gov wants to tax on how much you made so the bill has to be at the end of the year. They tax you by what "bracket" or amount of money you made, so the poor get taxed less and the rich get taxed more. You can adjust how much is taken out by your payroll debt.

The amount that is taken out is usually a "best guess" with a little bit of a buffer so you don't have to try and find a bunch of money at the end of the year .

Tax Breaks Your witholding is a very simple calculation based on your salary and your number of dependents. It basically doesn't consider any of the deductions you might file on your return, particularly for charitable donations that reduce your total tax burden. One nice thing about having a 401(k) or something like it that is handled on your paycheck and taken out before taxes is that it reduces your taxable income, and makes your witheld tax amount closer to reality.

Ideally, with so many of my transactions automatic, I'd love it if my bank could just automatically compile my tax return and send it in. They know which of my fund transfers are charitable donations, they know the return on my investment accounts, they know what loans I have, if I bought an electric car, whatever. Why do I need to waste time entering what is essentially duplicate information?

Sources: my opinion Google Map View Larger Map Where your taxes go to die.

Thats why its imperative that you have as little taken out as possible from your checks. Overpaying them simply allows them to earn interest from your money. Your money is supposed to work for you, not them.

If you can break even each year, and not owe or get a refund, you are a GOD. Sources: my chek .

People will file a return if they know they'll get a refund. As annoying as filing the income tax return is, some of the sting is taken out if you get a refund. To go through the tedium of preparing a return, and have to write a check afterwards adds injury to insult.

You can reduce the amount witheld though and make it less likely that you'll overpay.

If it from income you may need to turn in a W4 form to fix it. Just estimate how much more they are taking out and follow directions to correct the problem. I won't say it is easy, but most can do it without problems.

Calculate at: irs.gov/individuals/page/0,,id=14806,00.... Sources: irs.gov/pub/irs-pdf/fw4.pdf .

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My husband and I just filed our income taxes for 2007. Can we still get the government stimulus check? How much?Thanks.

Taxes:I make altars for churches. I ask reimbursement for materials but donate the labor to make them. How do I bill for.

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