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What is meant by tax return?

Submitted by Gergten on Mon, 12/16/2019 - 22:22

What is meant by tax return? Why will I pay more and then get a return?

A tax return is a form filed with the tax authority (IRS) disclosing income, expenditures, and other important tax details. Tax return helps taxpayers to compute their tax liability, schedule tax payments, and make a request for tax refund.

When you're working in a company, you're supposed to fill out a W-4 form when you're employed. On that form, it's mentioned how much tax will be withheld from each paycheck. You will receive a tax refund at the end of the year when too much of your money is withheld.

Submitted by Nick Jonas on Tue, 12/17/2019 - 19:46

Nick Jonas

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Like NIck said, it's form filled with tax authority (IRS). Tax return helps taxpayers to calculate how much you need to pay as taxes, to schedule your tax payments, and apply for tax refund.

Submitted by tiarajoseph11 on Tue, 12/24/2019 - 00:14


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