tax return

The form on which an individual, corporation or other entity reports income, deductions, and exemptions and calculates their tax liability. A tax return is generally for a one year period, however, in some cases, the period may be less than a year. A federal tax return is filed with the Internal Revenue Service, and a state return is filed with the revenue department of the state.

See also return

@ amended return

A tax return filed after the original return generally due to a correction of an error. Declaration of estimated taxes. The amount of tax expected to be paid for the year. Self-employed individuals, and those whose withheld taxes are not adequate to cover their tax liability, as well as corporations, estates, and trusts, must make estimated payments quarterly.

@ information return

A tax return filed by an entity listing the income, expenses, assets, and liabilities of the entity. A tpa??. liability is generally not calculated on an information return, instead, it is a vehicle used to report the financial results of an entity for the tax period. An example of an information return is a partnership return (Form 1065). I.R.C. No. 6031 et seq.

@ joint return

Tax return filed jointly by both spouses; permitted even though only one had income.

See split income; joint tax return

@ separate return

Tax return filed by only one spouse and covering only his or her income

@