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What is the meaning of tax credits overpayments?
18Jun2008 Filed under: Small BusinessQuestion:
I have come here to discuss about the tax credits overpayments?
Answer:
Whereas tax deductions can only keep you from paying taxes (or get you a refund from money already taken out of your check), tax credits can actually give you back more money than you've paid in taxes.
This usually occurs in cases of subsidies and credits aimed towards the poor.
Because of this, if the government looks at your taxes and realizes that the credit was calculated or used incorrectly, they have made a tax credit overpayment and will generally ask for the money back.
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