Definition, Meaning & Synonyms
tax-refund
noun
/tæks rɪˈfʌnd/
Definition
A tax refund is a return of excess amount of income tax that a taxpayer has paid to the government.
Examples
- After filing her tax return, she eagerly awaited her tax refund.
- The government issued a tax refund to eligible taxpayers last year.
- Understanding the process of claiming a tax refund can help you maximize your returns.
Meaning
It occurs when a taxpayer has overpaid their taxes for a particular year and is entitled to receive the difference back from the tax authorities.
Synonyms
- tax rebate
- tax return
