individual tax return

An individual tax return is a formal report submitted to the government annually, detailing your income, expenses, and deductions for the year. It calculates whether you owe additional taxes or are entitled to a refund based on the taxes already paid through withholding or estimated payments. The form helps ensure you've paid the correct amount of taxes and complies with tax laws. Filing an accurate return is important for staying compliant and potentially receiving benefits like refunds or credits. It’s a standard process for individuals to reconcile their tax obligations with their actual financial situation for the year.