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  1. #1
    Punchinello is offline Junior Member
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    relating to finance?

    "Just waitting on those K-ones to do your tax returns?" What are K-ones? and what is tax return? Thank you very much.

  2. #2
    Anglika is offline No Longer With Us
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    Re: relating to finance?

    Quote Originally Posted by Punchinello View Post
    "Just waiting on those K-ones to do your tax returns?" What are K-ones? and what is tax return? Thank you very much.
    This relates to American tax requirements.

    A tax return is a statement of what money you have accrued during a year, plus any deductions you can expect. It is used by the Revenue Office to establish how much tax you are due to pay for the previous fiscal year.

    K-1 is the code number for a specific tax form that needs to be completed and which relates to partnerships>> What is a schedule K1 tax form and what is it used for? - Yahoo! Answers

  3. #3
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    Ouisch is offline Moderator
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    Re: relating to finance?

    Just to amplify Anglika's answer a bit, "Waiting on those K-1's" refers to waiting to receive via mail a particular form or financial statement so that you can complete your tax return and send it on to the Internal Revenue Service.

    The average worker "waits" for his W2 every year in January. A W2 is an official form sent to anyone who has collected wages in the U.S. that states the amount of money he was paid during the previous year, and how much tax was withheld from his wages during that same time. The employee then fills out a tax return, which is an official form listing basic information about includes a formula to calculate how much tax he should have paid during the year, based on factors such as his marital status and how many dependent children he has. In the majority of cases of middle-income Americans, their employers withhold more taxes than required, so they are entitled to a refund. The sooner you file your tax return, the sooner you get your refund, which is why some folks are impatient to receive all their necessary paperwork.

    "Tax Day" in the US is April 15 - that is the official "due date" for all tax returns. Usually only the folks that owe taxes wait until that last minute to file; the people anticipating a refund file as early as possible in order to get that refund check.

  4. #4
    Punchinello is offline Junior Member
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    Re: relating to finance?

    Thank you so much!

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