Logo letter

Tax Returns: An Introduction


In today's modern world that we are living in now, they say that you can be guaranteed of two things. One is that you will die at some point in your life. No one knows when they will die of course unless you have a terminal disease. But even then you do not know the exact day or hour when you will pass from this world. This is because our life on earth is only temporary. The other certainty is you paying taxes. Yes unless you are living with a tribe on a mountain or in a remote island, you are bound to pay taxes. This is true whether you decide to work for a company as an employee or you decide to work for yourself. As long as you are a citizen of a country then you will need to pay taxes. Well actually even if you go to another country to work or to transfer residence there, you will also need to pay taxes there.


Now the amount of Tax Return imposed on people will vary from each country. This is because each country will have different tax laws. In other countries tax will be high because that is where they get social funding. And the citizens really benefit from it through the free services such as healthcare and education that they get.


But even in a given country there would be income tax brackets for people. This is because people have different incomes. Those with greater incomes have bigger taxes of course. Those with lower incomes have lower taxes. Those who are earning minimum wage may not be taxed anymore in other countries.


Now people pay these taxes religiously. But sometimes they may be eligible to get a tax return. Do you know what this is? Well this is the money that constitutes the excess tax that you paid the government. This is typical in companies. There is usually a time in a year wherein the employees receive Tax Return. This is because the accountant there was able to compute the excess taxes they paid during that time of the year. This makes the employees very happy as they suddenly get extra money.


Well how do you know if you are eligible for tax return? Well you can hire a tax specialist to compute that for you and to check if you have paid excess tax for the current fiscal year. You might be in for a special surprise. Refer from this post: http://psychology.wikia.com/wiki/Taxation.