State and local income taxes. Add up the state and local income taxes shown on your W-2 and any estimated tax payments you made to your state or local government for this year’s state tax return. Don't forget to add any money you sent with your prior-year state or local ...
Fastest Way to Get Your Tax Refund Filing your tax return electronically and opting for direct deposit is the fastest way to get your refund. Kimberly LankfordFeb. 28, 2025 Tax Breaks for Education Several tax breaks can help you cover the high costs of education, future college expenses and...
But one thing that absolutely drives me up a wall is when people (at least, people who are putting themselves forth as knowledgeable about taxation) confuse the terms “return” and “refund.” It’s simple really: Your taxreturnis the paperwork that you fill out and send in to the IRS....
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Basics of Federal vs. State vs. Local Taxes When it comes to talking about taxes,federal income taxgets the lion's share of the attention. However, it is far from the only money paid by U.S. residents to the government. Most states have income taxes, and nearly 5,000 taxing jurisdicti...
1 But if you’ve spent a lot on health care, state and local taxes, and/or other itemizable categories, it might make more sense to itemize, as you can’t take the standard deduction and itemize in the same tax year. Still, there are some deductions you may claim even if you claim...
For most Americans, every paycheck has lines showing federal and state taxes withheld. If you earn $1,000 in a paycheck, but the government withholds $250, youtake home$750. When you file your tax return, the government sends you atax refundif you had more money withheld than yo...
Withholding is the portion of an employee's income deducted and remitted by the employer directly to tax authorities. Withholding taxes are paid federally and may also be remitted to state and local tax authorities. The amount withheld depends on several factors like the employee's income and ...