Tax Filing is the process of submitting tax returns to the appropriate government authority, detailing an individual’s or entity’s income, expenses, and other relevant financial information for a specific tax year.
Tax filing is required to report income, claim deductions and credits, and determine the tax liability owed or the refund due. This process typically involves the preparation of various forms, such as the IRS Form 1040 for individuals or Form 1120 for corporations in the United States.
For example, an individual taxpayer must gather income statements such as W-2s and 1099s, complete the necessary tax forms, and file them by the annual deadline, usually April 15th, to comply with federal and state tax laws. Failure to file taxes on time may result in penalties and interest on unpaid taxes.
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