Is a Tax Refund Income

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Is a Tax Refund Income
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• Hello
• Ive been asked time and time again about tax
  refunds, how long does it take for the tax
  agencies to issue them, is a tax refund income,
  how can I make sure I end up getting a refund
  instead of having to pay in each year. Today I
  will discuss these questions.

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• 1. How long does it take to get a refund? The
  answer is it depends. What determines how long
  it takes? A lot to things from the time of year
  you send it in, to the workload of the tax agency
  amongst other factors. What can you do if you
  havent received your federal income tax refund
  and its been more than 6 weeks? Simple, go to
  https//www.irs.gov/refunds and you can track the
  status of your refund. If your refund request
  is not for the current tax year you will have to
  call in and I suggest you do so early in the
  morning, preferably as soon as they open their
  call in lines.

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• 2. How can you make sure you end up getting a
  refund each year instead of having to pay in?
  Again, the answer is it depends. Conventional
  wisdom dictate that lowering your exemptions on
  your W9 would insure that the maximum amount of
  withholdings is taken out of your paycheck each
  week. However, the question really is do you owe
  the tax in the first place? In order to determine
  that you must first ask yourself a few question
  1. Do you live in Washington DC. 2. Do you work
  for the federal government. 3. Is your money
  derived from a federal source. 4. Did you
  participate in any federal programs in the tax
  year in question. 5. Did the money you earned in
  any given year come from a Washington DC based
  corporation. If the answer to all of these
  questions is no the chances are you do not owe
  federal income tax.

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• 3. Is a tax refund income? The short answer is
  no. Tax refunds from either federal or state
  sources are not taxable income because theyve
  already been taxed and the refund is a repayment
  of your overpaying on taxes. However, as I
  stated above the chances are if youre in the
  private sector that you dont owe any taxes that
  all.

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