Refund, Refund Check
Barron's Business Dictionary:
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Refund, Refund Check
To return cash or a check; check itself.
Also, paid to a taxpayer by the IRS when withholding and estimated tax payments exceed tax for the year. A refund of federal taxes paid is not taxable income. A refund of state taxes is taxable if the taxpayer claimed a deduction.
Also, paid to a taxpayer by the IRS when withholding and estimated tax payments exceed tax for the year. A refund of federal taxes paid is not taxable income. A refund of state taxes is taxable if the taxpayer claimed a deduction.
| Refresh, Reformation, Refinance | |
| Refundable Credit, Refunding, Regional Bank |
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Refund, Refund Check
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Barron's Business Dictionary
Dictionary of Business Terms. Copyright © 2007 by Barron's Educational Series, Inc. All rights reserved.
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