How often do they take, is there a certain amount or percentage they take . Wil I get any thing back at all.
Here is how the tax system works. You work, you get a paycheck. The employer withholds taxes as an estimate to your overall liability. Then in Jan-April you file a tax return and figure what your actual taxes are. If the withholding amounts are more than the actual tax you are scheduled to get a refund. If you owe federal or state taxes, other federal amounts, state child support or state unemployment, those agencies take your tax refund up to the amount they are owed. If it is not enough to pay off the debt they will take it year after year until it is paid.
Mr. Zagara offered an explanation of how things work. Whether you get any thing back from IRS will depend on the extent to which you are over- or under-withheld.
Ms. Willi is a tax attorney, CPA, and Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Westerville, Ohio. She serves client families and private business owners throughout Ohio. Ms. Willi responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but her responses are not legal advice and do not create an attorney-client relationship. Her posts are provided for informational purposes only and are not a substitute for advice provided by an attorney or licensed tax professional. Her phone number is 614-890-0500 and her website is www.willilaw.com.
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