Word: Income Tax Return
Definition: An "income tax return" is a document that a person or a business files with the government to report how much money they earned (their income) in a year. This document also shows how much tax they owe (or how much tax they have already paid). It helps the government determine how much tax each person or business needs to pay.
Usage Instructions: - You usually need to fill out and submit your income tax return once a year, typically by a specific date set by the government. - It is important to keep records of your income and expenses throughout the year to make filling out your return easier.
Example: - "John prepared his income tax return carefully to make sure he reported all his earnings and claimed all his deductions."
Advanced Usage: - Some people may hire a tax professional to help them prepare their income tax return, especially if they have complicated financial situations. - An accurate income tax return can lead to a tax refund if you have overpaid your taxes during the year.
Word Variants: - "Tax return" (shorter form, but still means the same thing) - "Income tax" (referring specifically to the tax on income)
Different Meanings: - In a general sense, "return" can mean to give back something. However, in this context, it specifically refers to the report given to the tax authorities.
Synonyms: - Tax return - Tax declaration - Tax filing
Idioms and Phrasal Verbs: - "File a tax return": This means to submit your income tax return to the government. - Example: "Make sure you file your tax return before the deadline." - "Get a refund": This means that if you paid more tax than you owe, you can get money back.