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The result of filing a return with the federal government can result in either a refund (money owed to the person or corporation filing the return), or an amount due to be paid. There is a penalty for not filing a tax return. [1]
Tax returns: U.S. corporations and most resident individuals must file income tax returns to self assess income tax if any tax is due or to claim a tax refund. Some taxpayers must file an income tax return because they satisfy one of the several other conditions. [15] Tax returns may be filed electronically.
The office of the National Taxpayer Advocate has reported that of 76,715,982 U.S. individual income tax returns (Forms 1040, 1040A and 1040EZ) prepared by paid return preparers that were filed for the tax year 2017, a total of 39,252,790 returns were prepared by unenrolled preparers.
In the United States, Tax Day is the day on which individual income tax returns are due to be submitted to the federal government. [3] Since 1955, Tax Day has typically fallen on or just after April 15. Tax Day was first introduced in 1913, when the Sixteenth Amendment was ratified.
However, state tax filing is not free, and the cost of using TurboTax to file state returns is not presented to the user until they've already completed entering their information for federal returns. In 2008, Intuit raised the price of TurboTax for desktop customers by $15 and included a free e-filing for the first return prepared. [19]
Electronic tax filing, or e-filing, is a system for submitting tax documents to a revenue service electronically, often without the need to submit any paper documents. Electronic tax filing may refer to: IRS e-file, a United States system for federal income tax; NETFILE, a Canada Revenue Agency system for consumers
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