Tax returns are mandatory yearly filings with the Internal Revenue Service (IRS) or other tax agencies for state and local entities which detail the tax obligations of the taxpayer or organization. The tax return contains calculations of a person or organization’s taxable income, claimed deductions, and claimed tax credits which ends with their tax liability. The tax return is not necessarily a final calculation of the person or organization’s tax liability. Rather, the tax return is the original calculations submitted to the government agency by the filer or their tax accountant which may or may not be accepted by the government agency as correct. In order to avoid fees or other punishment, a tax return must be submitted on time as dictated by the relevant government agency.
For a copy of a 2020 Federal individual income tax return and further Federal tax information, see IRS Form 1040.
[Last updated in October of 2021 by the Wex Definitions Team]