A tax refund in the United States is a report filed by the Internal Revenue Service (IRS) or with a state or local tax collection agency (the California Franchise Standards Board, for example) containing information used to calculate income tax or other taxes. Tax returns are generally set up using forms specified by the IRS or other applicable taxation authorities.
Video Tax return (United States)
History
Maps Tax return (United States)
Federal returns
Under revenues the Internal Revenue Code can be classified as either tax refund or return information , even though the term "tax refund" is sometimes used to describe both types of returns on a broad scale. feel. Tax returns, in a narrower sense, are reports of tax liabilities and payments, often including financial information used to calculate taxes. The most common federal tax form is the IRS Form 1040.
The tax return provides information so that tax authorities can check taxpayer calculations, or may determine the amount of tax payable if the taxpayer is not required to calculate that amount. Instead, returning information is a statement by some, such as a third party, providing economic information about one or more prospective taxpayers.
Return information is a report that is used to send information about income, receipts or other matters that may affect tax obligations. For example, Form W-2 and Form 1099 are used to report the amount of income provided by an employer, an independent contractor, broker, or other payer to a taxpayer. A company, company, or party that has paid income (or, in some cases, a result that could ultimately be determined not to become income) to a taxpayer is required to file relevant information directly with the IRS. A copy of the return of information is also sent directly to the payee. This procedure allows the IRS to ensure that taxpayers report earnings properly.
Re-change
In the United States, the taxpayer may file a reverted change] with the Internal Revenue Service to correct errors reported on previous income tax returns. Usually the taxpayer does not need to file a modified return if he has a math error because the IRS will make the necessary corrections. For individuals, modified returns are filed using Form 1040X, Individual Income Tax Returns. In some cases, the taxpayer may use Form 1045, for example, to return Net Operating Losses to the previous tax period. Form 1045 is generally processed faster than Form 1040X.
Federal income tax
A Federal tax return is required under 26 U.S.C.Ã, Ã, 6011 and 26 U.S.C.Ã, 6012. Individuals who receive more than the minimum amount of taxpayer are obliged to report.
The standard US individual tax return is Form 1040. There are several variations of this form, such as 1040EZ and 1040A, as well as many additional forms.
US citizens and residents who are aware of gross income over a certain amount (adjusted annually for inflation) are required by law to apply for Federal tax returns (and pay the remaining income tax if applicable).
Gross revenue covers most types of income regardless of whether the revenue is from a legitimate business. Earnings from the sale of illegal drugs, for example, may be taxed. Many criminals, such as Al Capone, are charged not only for their non-tax crimes, but also for failure to file a Federal tax return (and pay income tax).
The IRS has sometimes seen the "Fifth Amendment" return from people who accurately report their annual income and tax obligations but refuse to disclose the source of funds on the grounds that such statements will tend to incriminate individuals.
Many Americans find the process of charging tax forms more burdensome than paying the tax itself. Many companies offer free and paid options to reduce the tedious workforce involved in preparing a person's tax return.
A taxpayer who encounters an error on an individual's income tax refund previously submitted may file a correction with Form 1040X.
Deadline
The annual deadline for filing individual Federal individual income tax returns is April 15th. The IRS list of scenarios for which Tax Day does not follow the deadline of this standard.
Proof of timely submission
1. Returns that are sent to the IRS are promptly filed on or before maturity date, April 15, but are extended until April 18 for the 2015 Summer Season which is the 2016 calendar year. Returns with US postmark , which is sent after the due date, is deemed to be filed on time if: - the postmark date is no later than the due date; - the return is handled properly; - Returns have exact postage. The timely and timely filing rules require returns to be stamped within the specified filing period. Thus, the return of the individual postmark of April 16 and received on April 20 is considered to be filed on April 20.
2. Returns submitted by the designated private carrier on time if the operator marks or records a refund no later than the due date of the refund. The IRS may designate a private carrier if the operator: - is available to the general public; - timely and reliable as a first class US email; - record the date when the package was given to him for delivery; - meet other conditions. The IRS has identified DHL Express, Federal Express, and United Parcel Service as designated operators.
3. Returns shipped with other means of US mail or designated personal carrier must be sent to the appropriate IRS office on or before the due date on time.
4. Returns electronically-filed with an electronic postmark on time, as long as the return is filed in the manner specified for electronic return. An electronic postmark is a record of the date and time, in the time zone of the taxpayer, that the official electronic sender receives the e-filed document on his host system.
Privacy and public disclosure
Tax refund laws generally prohibit the disclosure of any information collected on state tax returns. Likewise, the federal government may not (with certain exceptions) disclose unauthorized tax return information from its author, and any federal agency is also limited in how it can share that information with other federal agencies.
Sometimes there are attempts at Congress to demand tax returns to be open to public inspections. For example, Senators Robert M. La Follette and George W. Norris support the law, which applies to individual and corporate returns, and public disclosure to rich taxpayers is required from 1923-1926. Prospective presidents sometimes voluntarily give up their taxes.
Get started
Popular tax preparation software includes TaxSlayer, TaxACT, H & amp; R Block at Home (formerly TaxCut), and TurboTax.
In some countries, tax authorities provide the required returns to streamline processes, but the United States has failed to adopt this technology by 2015 after lobbying by tax preparation firms like Intuit. A similar reform was unsuccessful in California, after the pilot was known as ReadyReturn.
List of common forms
Examples of general Federal tax returns (and, if noted, return information) include:
Transfer taxes
Form 706, US Land Tax Return;
Return of Tax Form 709, US Prize (and Expense-Skipping Transfer);
Compulsory tax tax
Form 720, Federal Tax Excise Tax Returns;
Form 2290, Return of Heavy Vehicle Usage Tax;
Form 5330, Excise Tax Returns Associated with Employee Benefit Programs;
Employment tax (payroll)
Form 940, Federal Federal Employers Federal Return (FUTA);
Form 941, Federal Return of Quarterly Employer Taxes;
Income tax
Form 1040, US Personal Income Tax Refund;
Form 1040A, US Personal Income Tax Refund;
Form 1040EZ, Income Tax Return for Single and Unified Reporters with No Response;
Form 1041, US Income Tax Return for Plantations and Trusts (for 1993 and earlier, this is known as "US Fiduciary Income Tax Return");
Form 1065, US Partnership Revenue Return (for 1999 and the previous year, this is known as "US Partnership Returns Return") (return of information);
Form 1099 series (various titles) (return information);
Form W-2 (return information);
Form 1120, US Corporate Income Tax Returns;
Form 1120S, US Income Tax Return for Company S;
Form 2290, Return of Income Tax;
See also
- Affordability Act Act provisions
- Taxation in the United States
- Tax return (Australia)
- Tax return (Canada)
- Tax return (United Kingdom)
References
Source of the article : Wikipedia
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