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 Tax Refund Calculator 2022

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How do i get an extension on my taxes

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Instructions and help about turbotax deluxe federal and state

[Music] or amount owed once tax liability has been determined we must consider the final three items in income tax preparation tax credits other taxes and payments the following formula is used to complete the tax preparation process note when the result is a positive number it's the amount of tax owed when the result is a negative number it indicates a tax overpayment by that amount when an overpayment occurs the taxpayer has the option of receiving a refund or applying the amount of the overpayment to the next year's estimated tax tax credits our dollar-for-dollar subtractions from tax liability a tax credit of $1 saves a full dollar in taxes whereas a tax deduction of $1 results in less than a dollar of savings the amount depends on the tax rate some examples are credits for child and dependent care expenses credits for elderly or disabled and foreign tax credits in addition to the tax liability from the tax table or tax computation worksheet other taxes may also be

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