Tax Return

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Related to tax returns: Tax refund, Income Tax Returns

Tax Return

The form that the government requires a taxpayer to file with the appropriate official by a designated date to disclose and detail income subject to taxation and eligibility for deductions and exemptions, along with a remittance of the tax due or a claim for a refund of taxes that were overpaid.

The federal and state governments specify the deadlines for filing tax returns without incurring any additional interest or penalties for lateness. For most income taxpayers, the deadline of April 15 of the year following the close of the tax year for which the report is filed applies to both federal and many state returns. For persons who have made taxable gifts, the federal gift tax return is due annually on or before April 15 of the year following the tax year (as opposed to the former requirement of quarterly filing). For executors or administrators of estates that owe estate tax, a federal estate tax return must be filed within nine months of the date of death of the decedent. States may have comparable deadlines for gift and estate tax returns.

Cross-references

Estate and Gift Taxes; Income Tax.

tax return

n. 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. (See: tax)

References in periodicals archive ?
When confronting this issue, it is important to understand how a tax return position is defined.
HMRC uses the information on your tax return to work out your tax bill or work out whether you are due a tax refund.
TIGTAs review of a statistical sample of 259 amended tax returns claiming tax refunds of $500 or more in FY 2012 identified 44 (17 percent) tax returns for which the IRS issued potentially erroneous tax refunds totaling $103,270.
Specifically, a person will be considered engaged in the business of preparing tax returns if, in the course of the person's business, the person holds himself out to either tax return preparers or taxpayers as a person who prepares tax returns or assists in preparing tax returns.
In light of the IRS e-filing mandate, the additional resources may have been well spent, since 52 percent of companies reported that their tax return was accepted on the first try, and only 3 percent experienced a rejected return more than five times.
Individual Income Tax Return, now provides an automatic six-month extension, with no need for a signature or explanation.
It introduced cellular telephone transactions for its income tax return.
Wynn, who obtained clients primarily through word-of-mouth, allegedly told clients that they benefited because if they invested in his businesses and the businesses did well, they would get a portion of the profits but if the businesses did poorly, they would receive deductions on their income tax returns.
The error rate in using e-file for individual tax returns is less than 1%.
Taxpayers whose monthly or quarterly Hotel Room Occupancy Tax returns and payments are due in September, October, or November 2001 and who are unable to file on those dates may file and pay any tax due on or before Dec.
Usually, the IRS does not audit delinquent tax returns on a routine basis.
Suresh Ramaswami, COO of Quscient, said, "We are looking to leverage our vast expertise in tax management and consulting for CPA s in the US and bring that experience to an individual by providing an easy, cost-effective service for the customers of eTaxbay, to prepare and file their tax returns with great ease.