tax return

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tax return

He carefully completes his tax return at the kitchen table.

Definition

Noun: A formal document filed with a tax authority (such as the IRS in the United States) that reports an individual's or entity's income, expenses, and other relevant financial information for a specific tax year. It is used to calculate the amount of tax owed or the refund due.

Examples
  • Every year, I must complete and submit my tax return by April 15th.
  • The accountant prepared the company's annual tax return.
  • Filing an accurate tax return is a legal obligation for most citizens.
Advanced Usage
  • "To file a tax return": This is the standard verb collocation for the action of submitting the document to the authorities.
    • Self-employed individuals must file a tax return even if their income was low.
  • "Tax return deadline": Refers to the final date by which the document must be submitted.
    • The tax return deadline was extended this year due to the pandemic.
Variants and Related Words
  • Return (noun): In financial and tax contexts, "return" is often used as a shortened, informal form of "tax return."
    • Have you done your return yet?
  • Tax filing (noun): The process or action of submitting a tax return.
    • Online tax filing has become very popular.
Synonyms
  • Income tax return: A more specific term, often used interchangeably.
  • Tax form: A more general term for any document used in tax reporting, which can include the specific form used for the return (e.g., Form 1040).
Related Phrases
  • Tax refund: The money returned to a taxpayer when their total tax payments exceed the calculated tax liability, as determined by the tax return.
    • I'm using my tax refund to pay for a vacation.
  • Tax liability: The total amount of tax debt owed by an individual or entity to a taxing authority, as calculated on the tax return.
    • Deductions can significantly reduce your overall tax liability.
tax return

He carefully completes his tax return at the kitchen table.

Noun
  1. document giving the tax collector information about the taxpayer's tax liability
    • his gross income was enough that he had to file a tax return

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