Tax returns in the United States are reports filed with the Internal Revenue Service (IRS) or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes.
Tax returns are generally prepared using forms prescribed by the IRS or other applicable taxing authority. The forms have been described by BBC journalist Greg Wood as “a work of outstanding complexity” and having been “compiled by a cunning, but ultimately stupid, specialist in the art of torture.”
Who Must File a Tax Return ?
The IRS requires most of us to file a federal income tax return every year. In general, the federal tax agency bases its filing requirements for a given tax year on how much income you earn for a given tax filing status.
The five tax filing statuses are single, married filing jointly, married filing separately, head of household, and widow or widower with qualifying child.
For persons age 65 or older or blind, the filing requirements are a little more lenient since you can earn additional income and not have to file.
What Does Tax Return Mean?
The tax form or forms used to file income taxes with the Internal Revenue Service (IRS). Tax returns often are set up in a worksheet format, where the income figures used to calculate the tax liability are written into the documents themselves. Tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.
Want to know how you can calculate your Federal income tax return for free?
Maybe you’re wondering how much your tax refund will be, or you might want to know if you’re going to owe money at tax time. If you would like to find out, then I suggest using an online Federal income tax refund – return calculator.
To calculate your tax refund, you must first find a website with tax calculating software such as TurboTax Online. Start by creating a user account at the website you have selected. Now you’ll be able to use their tax preparation program to calculate your taxes. Depending on your situation, this should take about 30 minutes or less to complete.