Free Tax Refund Calculator For Usa Citizens

TAX REFUND EXPLANATION
Making Work Pay Credit
The United States is one of the few countries that requires its citizens to report and pay tax on their world wide income, no matter where they live. This is true even if the U.S. citizen never even took one step in the United States and all of his income is from the foreign country that he lives in.
At first this seems like a burden, and a possibility of paying double tax, one to the country of residence and then to the United States. However, this is not so in many cases. Actually it could be a very big benefit having a U.S. Tax Filing Requirement.
Why is that? The Internal Revenue Service (the U.S. department of collecting tax) recognizes tax paid to the country of residence as a credit to the tax owed to the United States on that income. This is called the Foreign Tax Credit. This means that for every dollar one pays to his foreign country, his tax to the United States is reduced. Since the United States has one of the lowest tax rates in the world, in many cases there is no tax remaining that is owed to the United States.
Okay, so there is no tax owed to the United States but what is the Benefit Of Filing A Tax Return? There are several Refundable Credits that many people are eligible for. A Refundable Credit means that even if you owe no tax (due to the Foreign Tax Credit, as mentioned above or other reasons) the IRS will send you money equal to the amount of the refundable credit.

So what are these refundable credits?
One is the Child Tax Credit; the other two are the Recovery Rebate Credit and the Making Work Credit. The Child Tax Credit applies to all years. Recovery Rebate Credit is only for the 2008 tax year and Making Pay Credit is for 2009 and 2010 tax years.
Making Work Pay Credit- this is a credit for the 2009 and 2010 tax years. The credit amounts are $800 for a couple married jointly and $400 for either a single person or someone married to a non U.S. citizen. There are upper and lower limitations of the credit based on one's total income and earned wages.
If you would like to find a tax refund calculator that can calculate your available refund based on your income visit www.ramataxservices.com. This website was built by a Certified Tax Accountant and will give you a free estimate of your refund based on the amount of income you have. The website's Free Tax Return calculator will do the calculation based on any currency. That means that you don't need to first change the currency of your income into U.S. dollars to calculate the amount of money that the U.S. government will give you! There is also all details available how to fill Free Tax Return Calculator Form and all the other requirement according to the IRS.