Tax Return
A tax return is a form submitted to the government that reports an individual or business's income, expenses, and other relevant financial information for a specific year. It is used to calculate how much tax is owed or any refund due. Tax returns often include details such as wages, investment earnings, and deductions that can lower taxable income. Most people must file a tax return annually, and the deadline varies by country. Filing accurately ensures compliance with tax laws and helps determine financial obligations to the government.
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A tax return is a formal document you file with the government, typically annually, that reports your income, expenses, and other tax-related information. It helps determine how much tax you owe or how much of a refund you might receive. Individuals and businesses use tax returns to calculate their taxable income and claim deductions or credits that can lower their tax liability. Tax returns ensure compliance with tax laws and allow governments to collect revenue. Common forms include the IRS Form 1040 in the United States.