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LSDefine
Simple English definitions for legal terms
tax rebate
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A quick definition of tax rebate:
Tax Rebate: When you pay too much money in taxes, the government gives you back the extra money you paid. This is called a tax rebate or tax refund.
A more thorough explanation:
Tax Rebate
A tax rebate, also known as a tax refund, is money that a taxpayer overpaid to the government and is returned by the taxing authority.
- John overpaid his taxes by $500, so he received a tax rebate of $500 from the government.
- Mary received a tax refund of $1,000 because she had too much tax withheld from her paycheck throughout the year.
These examples illustrate how taxpayers can receive money back from the government if they overpay their taxes. The tax rebate or refund is the amount that the government owes the taxpayer, and it is returned to them after they file their tax return.