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 ?
E-filing income tax return can help your start-up achieve structure and growth as well as represent the genuineness of your company.
Taxpayers that meet the requirements should file the delinquent information returns with an amended income tax return and attach a statement of all facts establishing reasonable cause for the failure to timely file the international information returns.
According to the official sources, these details have been sought as a step towards broadening the tax base and the FBR would assess the actual income of the taxpayers keeping in view the details of expenditures submitted by the individual taxpayers in the income tax returns to be filed till September 30, 2010.
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.
New York, New Jersey, and Connecticut have all recently enacted changes that will soon require tax preparers to file certain 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.
Schedule M-3 is a separate form to be attached to the regular corporate income tax return.
If Congress determines that the integrity of corporate income tax returns warrants an expanded scope and higher level of internal scrutiny than is currently required," the TEI president stated, "TEI suggests requiring a company's independent audit committee to annually authorize the chief tax officer to sign the corporate income tax return.
Islamabad -- The Federal Bureau of Revenue (FBR) has notified the return forms for filing of income tax returns by Company, AOP and Individuals.
Income Tax Return for Estates and Trusts, and Form 1065, U.
If Congress determines that the integrity of corporate income tax returns warrants an expanded scope and higher level of internal scrutiny than is currently required, TEI suggests requiring a company's independent audit committee to annually authorize the chief tax officer to sign the corporate income tax return.
Although the partnership files an income tax return annually, it does not pay any tax on its income.