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This question is a little vague, but if you're asking whether a tax refund is taxable income, the answer is no. A tax refund is the government giving you back money that you overpaid on your taxes (usually through withholding) -- sort of like getting $5 back when you pay for a $15 purchase with at $20 bill. It's not like income you earned for work.

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13y ago

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What is the proper journal entry for recording a tax refund in the company's financial statements?

The proper journal entry for recording a tax refund in the company's financial statements is to debit the cash account and credit the income tax refund account. This reflects the increase in cash from the refund and properly records the transaction in the company's financial records.


What is the proper tax refund accounting entry to record the return of excess taxes paid by a company?

The proper tax refund accounting entry to record the return of excess taxes paid by a company is to debit the cash account for the amount of the refund received and credit the income tax expense account to reduce the tax expense recorded.


Where can I find a tax refund schedule online?

A tax refund schedule can be found online at various different site. Some of these include http://www.irs.com/2011-federal-tax-refund-schedule/ as well as http://www.efile.com/tax-refund/where-is-my-refund/. where is my refund


Where can I find the Newark Airport tax refund desk for processing my tax refund?

You can find the Newark Airport tax refund desk for processing your tax refund in the international terminal after passing through security.


Where could I find out about a tax refund loan?

A tax refund loan is a loan that is provided to you until you receive your tax refund. You can pursue this option if you have done your taxes and are expecting a refund.


Can you get a tax refund if you did not pay tax?

NO


How Long will take for your tax refund if you owe?

Ahhhhh . . . you do not get a tax refund if you owe. You pay them.


How is the estimated tax refund calculated?

The estimated tax refund is calculated based on the current year's tax codes.


When filing for the state income taxes do you receive your federal income tax refund as well as your state income tax refund?

No, when filing for the state income taxes, you will receive your federal income tax refund as well as your state income tax refund.


Where can I find out about a rapid tax refund?

You can find out about a rapid tax refund by googling "rapid tax refund". A rapid tax refund is basically a loan in the amount of your tax refund that you receive as soon as you file your return as opposed to waiting for your check from the government which generally takes longer to receive. To find out more about it, visit: http://www.bigfatrefund.com/


What is the purpose of a 1040 tax preparation?

The purpose of a 1040 tax preparation is to ensure that the government gets the proper amount. It could make you qualify for a tax return which means you would get an income tax refund check.


Can you pay your tax preparer with refund money?

My refund i paid my tax preparer came back to me why?