What Is a Tax Return?

A tax return is an official document that individuals or businesses file with the Internal Revenue Service (IRS) in order to report their annual earnings and any taxes they owe. Depending on the type of income earned, business structure, and other factors, taxpayers may need to submit several forms when filing a return. Having an accurate understanding of what a tax return is can help ensure that you pay the correct amount of taxes each year and avoid penalties from the IRS.

The primary purpose of a tax return is for taxpayers to declare their gross income for the year. This includes earnings from wages, investments, rental properties, gambling winnings, alimony payments received and more. Taxpayers are also required to report deductions such as mortgage interest paid during the year or contributions made to retirement savings accounts like 401(k)s or IRAs.

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