If you’re filing your taxes this year, you may be wondering what you mean by Tax return. In short, it’s the form that the government uses to determine how much money you owe and how much you’re going to get back. Basically, a tax return is a form that you fill out with your income and expenses. By filing a tax return, you’re letting the government know what you’ve earned and how much you owe in taxes.
A tax return starts with personal information, such as name and filing status, as well as the information you’ll need for your dependents. The next section lists all the sources of income you’ve had during the year. Generally, you’ll need a W-2 form to report wages, dividends, and self-employment income. Other types of income you’ll need to report include royalties and capital gains. Once you’ve gathered this information, you can start preparing your return and filing it.
Filing your tax return can be intimidating, but you can do it by following these steps. You can itemize other deductions such as mortgage interest, charitable donations, or even business expenses. Tax credits reduce your tax liability dollar-for-dollar and can increase your refund. Learn about all of the deductions and credits available to you! You may be surprised to discover how much money you can save by preparing your own tax return.
Filing your taxes doesn’t guarantee that you’ll get a tax refund. There are many reasons why your return can be delayed, including processing issues. If you’re self-employed, consider enlisting the services of a tax preparer. A tax preparer will compile your tax return and gather the information you need. It is important to note that a tax refund doesn’t mean that you’ll get a check, but it can be worth a lot more than you think.
A typical tax return will be made up of lines 64-74, which document the taxes you paid in the past year. These payments are made through withholding or by estimated quarterly payments. If you paid more than you owed, you’ll get a refund which you can apply to your next tax return. However, you need to pay the remainder of the tax bill on time or you’ll be charged interest and penalties. When filing your tax return, make sure to check for any errors or delays to avoid late fees or penalties.
If you’re owed money, the IRS may have made a mistake and sent you more money than you expected. Also, it’s possible that you may have missed claiming a dependent or tax credit. In the case of a math error, you don’t need to file an amended return to correct the mistake. The IRS will automatically check for this and will notify you via mail within one to three weeks. A smaller refund will be a great relief for many.
The good news is that tax returns are not that complicated anymore. Even if you have no previous experience, learning a few terms about tax terminology can make your tax situation more manageable. Whether you’re filing your tax return for the first time or you’re looking to hire a professional, you can find a financial advisor who understands taxes and can help you prepare your return. The SmartAsset platform will match you with up to three advisors in your area, allowing you to interview them for free.