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.


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 ?
Individual Income Tax Return, need not file Form 8892, because Form 2688 will give them an additional extension to file Form 709.
Income Tax Return for Estates and Trusts; and Form 990-T, Exempt Organization Business Income Tax Return.
In the head of personal expenses, the individual taxpayers would be required to fill their income tax return forms' details of expenditures of their electricity consumption, expenditures incurred upon payment of telephone, mobile phone and internet bill, amount of gas bills paid, house rent paid, expenses incurred on education of children, spouse and self, expenditures on foreign air travel, expenditures of local air travel, fees paid on membership of clubs, expenditures on fuel of motor vehicles, amounts spent on repair of vehicles or house and salaries paid to drivers or servants.
Corporations with assets of $50 million or more that file at least 250 returns annually are required to electronically file 1120/1120S income tax returns with the Internal Revenue Service (IRS) for tax years ending on or after Dec.
Temporary regulations issued under IRC section 6081 (TD 9229, 1i/4/05) simplify how individuals, partnerships and others can obtain an automatic six-month extension of time to file a number of income tax returns with a single request.
It introduced cellular telephone transactions for its income tax return.
In return, Preservation Easement Trust provides a completed IRS Form 8283 that the easement donor attaches to the income tax return for the year in which the conservation easement is contributed and a deduction is first claimed.
It is further alleged that in his 1996 federal income tax return, CHUTE reported total income of $24,801 when in fact his income was at least $60,002; that in his 1997 federal income tax return, CHUTE reported total income of $27,447 when in fact his income was at least $71,249; and that in his 1998 federal income tax return, CHUTE reported total income of $28,803 when in fact his income was at least $111,705.
The TRPs are self employed graduates who are trained by the Income Tax Department for filing of Income Tax Returns as well as quarterly TDS statements.
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.
The estate had a significant capital loss, which would be available to the heirs when the estate filed its final income tax return.