what is a tax return 
a tax return is a form or forms filed with a tax authority that reports income expenses and other pertinent tax information tax returns allow taxpayers to calculate their tax liability schedule tax payments or request refunds for the overpayment of taxes in most countries tax returns must be filed annually for an individual or business with reportable income including wages interest dividends capital gains or other profits understanding tax returnsin the united states tax returns are filed with the internal revenue service irs or with the state or local tax collection agency massachusetts department of revenue for example containing information used to calculate taxes tax returns are generally prepared using forms prescribed by the irs or other relevant authorities in the u s individuals use variations of the internal revenue system s form 1040 to file federal income taxes corporations will use form 1120 and partnerships will use form 1065 to file their annual returns 123a variety of 1099 forms are used to report income from non employment related sources application for automatic extension of time to file u s individual income tax return is through form 4868 45typically a tax return begins with the taxpayer providing personal information which includes their filing status and dependent information consider other needs for your tax returns before you discard old copies for example your insurance company or a creditor may require you to hang onto copies longer than the irs may suggest the sections of a tax returnin general tax returns have three major sections where you can report your income and determine deductions and tax credits for which you are eligible the income section of a tax return lists all sources of income the most common method of reporting is a w 2 form wages dividends self employment income royalties and in many countries capital gains must also be reported 678deductions decrease tax liability tax deductions vary considerably among jurisdictions but typical examples include contributions to retirement savings plans alimony paid and interest deductions on some loans for businesses most expenses directly related to business operations are deductible 91011taxpayers may itemize deductions or use the standard deduction for their filing status once the subtraction of all deductions is complete the taxpayer can determine their tax rate on their adjusted gross income agi 12tax credits are amounts that offset tax liabilities or the taxes owed like deductions these vary widely among jurisdictions however there are often credits attributed to the care of dependent children individuals aged 65 or older or those with permanent and total disability note that there may be income limitations or restrictions to these credits 1314after reporting income deductions and credits the end of the return identifies the amount the taxpayer owes in taxes or the amount of tax overpayment overpaid taxes may be refunded or rolled into the next tax year taxpayers may remit payment as a single sum or schedule tax payments periodically similarly most self employed individuals may make advance payments every quarter to reduce their tax burden 1516you can file a tax return by filling it out yourself using a tax software program or hiring a tax preparer or accountant who will gather the required information from you and file it on your behalf in 2024 the irs announced it has a direct file pilot that allows taxpayers to file their 2023 taxes online directly with the irs for free the service is being rolled out in phases and is not available to the public it is expected that by mid march it will be more widely available 17irs and record retentiongenerally speaking the irs recommends that filers keep tax returns for at least three years however other factors may require more prolonged retention some situations may require indefinite retention of filed returns if a tax return contains errors an amended return should be submitted to correct the discrepancy 1819you should keep documents related to income deductions or credits on your tax return until the period of limitations for that specific tax return expires the period of limitations is the time during which you can amend your tax return or the irs can assess additional tax the years mentioned generally refer to the period after the return was filed treating returns filed before the due date as filed on the due date the irs has outlined many different periods that will pertain to different taxpayers the language below from the irs outlines these record retention suggestions other tax return uses and retentionaside from an irs audit you may find yourself needing to provide a copy of your federal tax return to an external party for a variety of reasons below are some of those reasons along with general guidance on retention note that the periods listed may vary based on your situation and there may not be direct specific guidelines on the time frame when you may be asked for your return 