Filing status is based on whether you're married. The percentage you pay toward household expenses also affects your filing status. Decide how you want to file your taxes. The IRS recommends using tax preparation software to e-file for the easiest and most accurate returns. Determine if you are taking the standard deduction or itemizing your return. If you owe money, learn how to make a tax payment , including applying for a payment plan. Find out how to check the status of your tax refund.
Check to be sure you received both of your stimulus payments if you were eligible. Missing EIP money will be issued through either tax refunds or lower tax bills. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site.
While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Filling out a tax form is about as much fun as owing taxes to Uncle Sam. The complexity of the task intensifies as your tax life becomes more complicated.
But choose carefully. There are three personal income tax forms — , A and EZ — with each designed to get the appropriate amount of your money to the IRS. The EZ is the shortest and simplest form, Form A is a bit more complex and the long Form is the most detailed and potentially difficult.
But even if your tax life is simple and straightforward, it might be worthwhile to investigate the other two forms. Generally, the longer the form, the more opportunities for tax breaks.
If you previously filed Form EZ, but bought health insurance through an Affordable Care Act state or federal exchange, known as the marketplace, you can no longer file this simplest form. When individuals purchase a policy through an exchange, they have an option to receive advance payment of the premium tax credit. This tax credit helps cover some of the insurance costs. The advance credit amount, however, must be accounted for when the policy recipient files his or her tax return.
If the advance premium amount was too small, the taxpayer will get the extra. However, if too large of an advance premium credit was paid, the taxpayer must make up the difference, either by paying any tax due or by having the amount taken from an expected refund. Such calculations are made on Form , which only can be filed with Form A or If you received advance payments of the premium tax credit, you must file one of these longer forms instead of the EZ.
Even if you did not get the premium credit in advance but got health care through an exchange and want to claim it when you file, you must complete A or Take the case of tax filer Joe P. A perfect EZ filer, right? Joe has a student loan. Businesses and government agencies use forms to report various types of income to the Internal Revenue Service IRS.
These types of income do not include wages, salaries, or tips. Contact the business or government agency if:. Send a copy to the IRS and yourself. You should receive your copy by early February or mid-February for Form B. Wait times to speak with a representative may be long. Ask a real person any government-related question for free. They'll get you the answer or let you know where to find it. Share This Page:. Do you have a question? What Is a Tax Return?
Key Takeaways A tax return is documentation filed with a tax authority that reports income, expenses, and other relevant financial information.
On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes. In most places, tax returns must be filed annually. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate.
You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation.
This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. An amended return is a form filed in order to make corrections to a tax return from a previous year.
Form U. Individual Tax Return Form is the standard U. What Is a Tax Liability? Tax liability is the amount an individual, business, or other entity is required to pay to a federal, state, or local government. Taxpayer A taxpayer is an individual or business entity that is obligated to pay taxes to a federal, state, or municipal government body. What Is an Individual Tax Return? An individual tax return is a government form that reports all income for the previous year and any taxes due on it.
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