Tax Return

Tax ReturnA tax return is a formal document submitted to a tax authority that reports income, expenses, and other relevant financial information for a specific period, typically a calendar year. The return is used to calculate tax liability, claim tax credits, and determine eligibility for deductions.

Tax returns can be submitted by individuals, corporations, and other entities, and they often require the inclusion of various schedules and forms depending on the complexity of the taxpayer’s financial situation. For example, an individual might file a Form 1040 in the United States, while a corporation might use Form 1120. The information provided on a tax return is crucial for establishing the amount of tax owed or the refund due to the taxpayer.