Tax Return

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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 ?
The tax department urged members of the public to register to Taxisnet and submit their income tax returns on time.
The investors would require you to submit your companys income tax returns from the previous years to gain a perspective of your businesss book value and decide on the amount which will be funded.
Whether the taxpayer files the form with a late income tax return or with an amended income tax return (original return timely filed) will determine whether the taxpayer faces assessment of penalties under Sec.
Under the Article 22 mandate, this preparer is not required to e-file either the 2008 individual personal income tax returns and extensions or the 2008 partnership returns and partnership extensions because she has not filed more than 100 original individual and partnership tax returns in calendar year 2008.
The income tax deduction can be spread over six tax years and, in the majority of cases, may be applied to the property owner's federal and state income tax returns. Individuals, including partnerships, LLC's, S-corporations and trusts that pass tax benefits through to individual shareholders or beneficiaries, are limited to an annual charitable contribution deduction of 50% of the adjusted gross income prior to the charitable contribution deduction in which the non-cash component (i.e., the conservation easement) cannot exceed 30% of the adjusted gross income.
The source in FBR told Radio Pakistan that immediately after filing income tax returns, the name of the filer would be enlisted among the active taxpayers.
The application allows the taxpayer/E-intermediary to prepare data related to income tax return and wealth statement in offline mode.
The Federal Board of Revenue (FBR) on Tuesday presented sector-wise income tax return data of the last five years to the Senate Standing Committee on Finance.
The New York State Budget Act of 2005, Part Q, requires certain tax preparers to file all New York State income tax returns electronically.
Note: The deduction was worth more on the estate tax return than on the income tax return since, in 2000, the top estate tax rate was 55% while the top individual tax rate was only 39.6%.
An executor's fear that a small checking account might be considered a violation triggering ongoing income tax return filings appears to be unfounded.