tax return definition
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- Tax Return Law & Legal Definition. A tax return is the form to be filed with a taxing authority by a taxpayer which details his/her/their income, expenses, exemptions, deductions and calculation of taxes which are chargeable to the taxpayer. Tax returns may be filed on the local, state, and federal levels.ax returns are subject to the rules of the taxing authority with which they are filed. Penalties and fines exist for failure to timely file a tax return or for false statements made on a tax return. Your federal tax return and the information contained in your tax return is confidential.
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Gathering Your Health Coverage Documentation E-filing a tax return is the simplest way to file a complete and accurate tax return as it guides you through the process and does all the math for you. Electronic Filing options include free Volunteer Assistance, IRS Free File, commercial software and professional assistance.
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Starting work By submitting a tax return, you will get a 'tax refund' or money back if you paid more tax than you should have or if you can claim any tax deductions. For example, if you earned less than $18,200 and were still taxed, you can put in a tax return to get your money back. For more information, see income tax.
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IRS tax forms Main article: Form 1040. Form 1040, U.S. Individual Income Tax Return, is one of three forms (1040 [the Long Form], 1040A [the Short Form] and 1040EZ - see below for explanations of each) used for personal (individual) federal income tax returns filed with the IRS.
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tax break tax break definition A special tax benefit given to promote specific economic or social objectives. For example, the U.S. government, having decided that individual home ownership is a boon to the economy, allows interest on a home mortgage to be subtracted, in whole or in part, from one's taxable income.
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Tax Terms Glossary A revised tax return, filed on Form 1040X, to correct an error on a return filed during the previous three years. An amended return can result in owing extra tax or getting a refund, depending on the mistake you correct.
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Tax returns A tax return is a form (paper or online) on which you: report details of your taxable income, and any capital gains if appropriateclaim tax allowances and tax reliefs. HM Rev … enue and Customs (HMRC) may issue a tax return to you each tax year. The tax year runs from 6 April one year to 5 April the next.
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Be aware of penalties and interest For returns of income for the 2012 and subsequent taxation years that are filed after 2012, a “tax preparer” is required to file T1 and T2 returns electronically. For this purpose, a “tax preparer” is defined as a person or partnership who, in the year, is paid to prepare more than 10 T2s or more than 10 T1s.
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Rate of return In finance, return is a profit on an investment. It comprises any change in value and interest or dividends or other such cash flows which the investor receives from the investment. It may be measured either in absolute terms (e.g., dollars) or as a percentage of the amount invested.
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What is a 'Tax Bracket' What is a 'Tax Bracket'. A tax bracket refers to a range of incomes that are subject to a certain income tax rate. In most income tax systems, low incomes fall into tax brackets with relatively low income tax rates, while higher earnings fall into brackets with higher rates. Tax brackets help create progressive income tax schedules.
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Tax A tax (from the Latin taxo) is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or a legal entity) by a state or the functional equivalent of a state in order to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is punishable by law.
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DEFINITION of 'Amended Return' DEFINITION of 'Amended Return'. A return filed in order to make corrections to a tax return from a previous year. An amended return can be used to correct errors and claim a more advantageous tax filing.
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Tax A tax (from the Latin taxo; rate) is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law.
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Telephone Tax Refund Questions and Answers for Individuals The telephone tax refund is a one-time payment available on your 2006 federal income tax return, designed to refund previously collected federal excise taxes on long-distance or bundled service.f you were one of the people who did not request the refund on your tax year 2006 return, you can file an amended tax return for 2006. Individuals who did not have a filing requirement in 2006 can still use a special short form, Form 1040EZ-T, to request the refund.
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- What is 'Tax Return'. A tax return is the tax form or forms used to report income and file income taxes with tax authorities such as the Internal Revenue Service (IRS) in the United States. Tax returns allow taxpayers to calculate their tax liability and remit payments or request refunds, as the case may be.
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- Return is also used as an abbreviation for income tax return, see 1040 Form.
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- Tax return (United States) Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes.
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- Taxes definition, a sum of money demanded by a government for its support or for specific facilities or services, levied upon incomes, property, sales, etc. See more.
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Tax Break A tax break is a savings on a taxpayer's liability. A tax break provides a savings through tax deductions, tax credits, tax exemptions and other incentives. An example of a tax break is the First-Time Homebuyer Tax Credit which provided a tax credit up to $8,000 for qualified purchasers of primary residences on their 2009 and 2010 tax returns.
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Statute of Limitations for Not Filing Returns The term “statute of limitations” in tax matters refers to the laws that limit the period of time for performing a certain action, such as a taxpayer filing a return to obtain a refund or the Tax Commission assessing additional tax.
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tax 3. 1  to demand a tax from (a person, business, etc.). 2  to demand a tax in consideration of the possession or occurrence of (income, goods, sales, etc.), usually in proportion to the value of money involved.
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Taxation in South Africa An aspect of fiscal policy. A withholding tax, also called a retention tax, is a government requirement for the payer of an item of income to withhold or deduct tax from the payment, and pay that tax to the government. In most jurisdictions, withholding tax applies to employment income.
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Understanding Income Tax Return Form ITR-1 ITR-1 is the most widely used income tax return form amongst the salaried. It is the basic form for those who have income from salary and own one house property. Pension earners also file ITR-1. This form is not applicable if the tax payer owns more than one house property or has income from capital gains.
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tax return tax return. Standard form provided by the tax authorities on which a taxpayer reports taxable income with permitted deductions and exemptions, and computes his or her tax liability.tandard form provided by the tax authorities on which a taxpayer reports taxable income with permitted deductions and exemptions, and computes his or her tax liability.
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Claim for Refund A formal claim for refund may be in the form of an amended return or a letter. Informal A taxpayer may file a claim even though they have not paid the full amount of tax, penalties, and interest.
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Tax return (United States) Taxation in the. United States of America. United States portal. Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes.