Tax Rebates & Refunds

Tax rebates – all you need to know about the process

June 19, 2011
Posted in Tax Rebates — Written by Chris

We could all use some extra money. Finding some unexpected change in your pocket would make anybody happy. It feels even better when you find money that you have earned. A tax rebate is given to a person who has paid more tax than what is required by them.

The advantages of claiming a tax rebate

As an employee you are often unaware of the tax that you are expected to pay. As a result you can end up paying a little more. The government allows you to file a claim which entitles you to receive the money back.

You can use the money received as a tax rebate for various other things. You can even use it to pay off your credit card debt. Use the tax rebate as down-payment on a new car, home or you could even save the money as an emergency precaution. Paying off your mortgage, planning a holiday, collecting money for further education are some of the other common uses of the income received as a tax rebate.

The government allows you to either take the money in one lump sum or in monthly instalments. You should be aware of when to file a claim for the tax rebate. Ensure that you have all your papers ready and organised.

There are legal ways of increasing the amount that you can receive as a tax rebate. Tax deductions and tax credits can form a part of the tax rebate hence increasing the amount that you receive. Consult a tax advisor so that the process is done efficiently and you receive your tax rebate on time.

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