Tuesday, July 7, 2009

Tax Returns vs. Tax Refunds

Two of the most commonly mixed-up terms I come across when speaking with clients are the terms "tax return" and "tax refund." The most common mistake people make is using the term "tax return" when speaking about their "tax refund."

To clarify the difference between the two, here is an exerpt from the glossary of my upcoming book, Choosing the Right Structure for Your Business, due out in the fall of 2009. You can receive 40% off plus free shipping if you preorder this book at http://www.30minutebooks.com/choosing-structure.html:

Tax Refund: The amount of money that a business or individual receives as a result of overpaying their taxes throughout the year.

Tax Return:
The actual document that is filed to report income/expenses of a business or individual.


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