Federal Tax Return

A Federal Tax Return is a document submitted to the Internal Revenue Service (IRS) in the United States, reporting an individual's or business's income, expenses, and other tax-related information for a specific year. It determines how much tax is owed or how much refund a taxpayer will receive. Taxpayers usually file their returns annually, using forms like the 1040. The information provided helps the government calculate tax liability and ensures compliance with tax laws. Filing correctly is important to avoid penalties and ensure entitlement to any refunds or credits.