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Life in the USA Personal Finance Taxes
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Tax Returns
On the least popular day of the year, April 15, you will be required by federal and state governments to file a tax “return” for the previous year. The return will list your income and any allowed deductions or credits against that income. You'll then figure out the tax you owe. If the amount is less than the amount withheld during the year, you'll get a refund check. If it is more, you must send in the difference. To complete your return, you will have three major choices:
While you can hire people at very reasonable cost to fill out your tax returns for you, there is no substitute for knowing as much as possible about the tax filing process and the tax system in general. Next Section: The W4 Form Personal Finance: Chapter Home
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