Tax Form

A tax form is a document used to report income, expenses, and other financial information to tax authorities, like the IRS. It helps individuals and businesses calculate how much tax they owe or whether they will receive a refund. Different forms serve different purposes; for example, Form 1040 is common for personal income tax returns. Completing a tax form accurately ensures compliance with tax laws and helps avoid penalties. Essentially, it’s a structured way to communicate your financial details to the government so your tax obligations are properly assessed.