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If income tax filed to wrong state must interest be paid on money returned to state?
Wiki User
∙ 16y ago
of course not
Wiki User
∙ 16y ago
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Will you draw interest from paying in additional taxes yearly?
An overpayment of tax is treated as an interest-free loan from you to the government. One must file an income tax return to have this money returned to them.
What relation between income and interest?
Income is money coming in; it could be wages or capital gains, or interest on money invested. Interest is a percentage of money owed added to your bill when borrowing money, or the amount that you earn on money invested.
Is borrowed money taxable?
Money that is borrowed is not taxable. If you borrow it and don't pay it back, it can be classified as income and be subject to income tax. If you borrow money and are not being charged interest, the government will consider the cost of interest to be income that is taxed.
Differences between real income and money income?
Money Income :- The income of a person is considered to be money income which is of his own disposal. eg - salary, wages, interest etc. Real Income :- The goods & services which a person buy from the money income is real income.
Do loans count as income for tax purposes?
No, only that money which you earn or interest from investments count as income and it is only income that is taxed, not money that you borrow.
Why purchase return is called income?
because when a purchase is returned money comes in
Is there a minimum for garnished funds to be returned when a bankruptcy is filed?
Garnished funds will NOT be returned to you. If it was a significant amount, the bk Trustee can claw back that money and use it to pay your creditors. Otherwise, that money is gone.
If the state and federal government owes me money do my forms need completed by April 15th?
They are supposed to be filed by April 15 2010. If you are due a refund you will not be charged the penalty and interest that would be due if you had a income tax liability on your income tax return for failing to meet the April 15 due date of the income tax return.
What do you mean by savings income?
I think what they mean is interest income earnt from having money saved in a savings account.
What is the primary source of income?
storing money for other customers in bank accountsCharging interest on money loaned out.
What is the banks primary source of income?
storing money for other customers in bank accountsCharging interest on money loaned out.
Why do bank still charges interest on loan?
Because, charging interest is one of the main sources of income for banks. Since you are borrowing money from the bank, it is the banks right to charge you an interest for lending you that money. Since they are giving you the money for your use, you are bound to pay them an interest for getting money from them.
