Chevron should have come to TaxFix for their tax refund as a federal court disallowed a tax refund request for $101million on Wednesday 18th June. In previous procedings U.S. District Judge Saundra Armstrong of Oakland had allowed the tax refund to much relief of the oil company, however on appeal this was overturned.

The case dates back to 2001 when Texaco (which was bought out by Chevron) overpaid taxes for the years 1988 and 1990 because a tax deduction was not claimed relating to a $1.25 billion settlement it reached with the U.S. Energy Department in 1988.

With governments spending many billions, and creating historically high deficits. It is no wonder that they are coming down hard on companies who they see as an easy short term target. Similar Tax Rebates problems are occurring in the European union. The result could be that firms move their headquarters to move favorable locations.
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As students have enough to worry about, we are making a regular series of blog posts to help with common student tax issues.

 Student Tax Advice: Buying a House

The biggest expenses (After alcohol!!) when a child leaves their parents house at the tender age of 18 to goto university is the cost of accommodation, which often amounts to thousands of pounds.  With houses prices recently taking a large decline,  coupled with increased costs of tuition, is resulting in many parents buying a property for their child.

No Student Tax Exemption

If a parent buys the house for their child, a number of possible tax implications arise. If the child rents out any spare rooms to friends or other students, they could unwittingly be earning income which they are being taxed on. Often estate agents deduct rent at source when they are managing a property. As students tend to have no other sources of income a tax refund could be due.

Tax Rebate Calculator

One way to check to see if you are due a tax refund is to go to your local tax office to calculate the refund due. This can be a time consuming process. Another option would be to input any rental income received into a tax rebate calculator  and to see the results.

Students are becoming increasingly forced into debt, student tax is a burden that should not have to be faced.