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What is an income tax return?

Updated: 8/21/2019
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6y ago

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Each year every person living in most countries has to pay a tax on how much they have earned in the year. The income tax return is the form on which they declare what they have earned so that the tax due can be worked out by government officials.

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Q: What is an income tax return?
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Related questions

When filing for the federal income tax return do you have to attach schedule a for the state income tax return?

No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.


What tax to file if you move states?

One federal 1040 income tax return and a resident state income tax return an a nonresident or part year resident state income tax return.


What are the similarties between the state income tax and the federal income tax?

The amount of your tax liability is based on your TAXABLE INCOME after your income tax return is completed completely and correctly down to the TAXABLE income line of each income tax return.


What are the months covered for income tax return?

Income tax return is due before April 15


When do you not have to file Federal Income tax?

No reportable taxable income to be entered on a income tax return would be a good start of not being required to file a federal income tax return.


Are income tax payments deductible?

State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.


If a minor owes less than 500 dollars for income tax do they have to pay?

If a minor has any income tax liability the minor would be required to file a income tax return. When you are a dependent on another individual income tax return and you have 950 or more of unearned income you are required to file a federal income tax return.


Where can I get a free income tax return?

There is a service that you can use to get a free income tax return. All you have to do is to file your income tax using IRS's website. The address is IRS.gov.


Can you file taxes for legal and medical bills if on SSI?

If you want to file a tax return YES you can. SSI (supplement security income) would not be taxable income that you would report on your 1040 income tax return. If you do NOT have any taxable worldwide income that you are required to report on your federal 1040 income tax return it would NOT benefit you to file a federal income tax return and you would NOT meet any of the MUST FILE A INCOME TAX RETURN requirement's. If you want to file a tax return YES you can.


Can I deduct monies paid to settle a lawsuit?

Not deductible on your income tax return unless the amount paid was to produce taxable income that was reported on your income tax return. Then a limited amount could be deductible on your income tax return.


Do you enter the amount paid from a federal garnish on your tax return?

No. Your gross income is reported on your federal 1040 income tax return. The federal garnish amount that was paid would not be a deduction from your gross income on your income tax return.


Do I have to to file income tax returns for state of Maine if i filed a federal tax return and and have 0 adjusted gross income?

If you are a residentof Maine who is required to file a federal income tax return, you must file a Maine income tax return. If you are not required to file a federal return, but do have income subject to Maine income tax resulting in a Maine income tax liability, a Maine return must be filed. You do not have to file a Maine income tax return if you meet all of the following requirements: 1) your Maine taxable income is $2,000 or less, 2) you claim yourself as an exemption on your return, AND 3) you are not subject to the Maine Minimum Tax. However, you must file a return to claim any refund due to you.