Tax Return Information

Income Tax Return With Pen & Calculator

Learn More About A Tax Return

Your taxes are taken from your paycheck in order to pay state and federal dues. However, most Americans will get a tax return on expenses made the previous year at the beginning of the first few months of the new year. With the new year comes tax season. It’s important that when you’re filing a tax return to make sure to have them done correctly and in time. There can be many specifics regarding a tax return that will defer per person and business that can make it confusing. Reach out to a professional tax filing service if you feel assistance would be optimal for you. H ere is some basic information that may be of use to you.

What is the tax return?

A  tax return is a form that reports expenses, income, dividends, capital gains, profits, and other information. Most countries have tax returns filed annually and this can be done with both businesses and individuals. 

Why is it called a tax return?

Income tax is called a tax return based on the evolution of the legal use of the term return. Basically, when a  legal document is given the documented response is called a return. In the case of the provisions of the IRS imposing a tax liability on US person, the US person will legally respond to said tax liability with a return of tax documents which note their actual tax liability.

What are tax return documents?

Tax return documents will calculate a person’s tax liability, will schedule their tax payments or request refunds from the over-payment of taxes. 

What are tax return deductions?

A tax return deduction will lower the taxable income of a person thus reducing their tax liability. How this can be calculated is that the tax deduction is subtracted from income which makes taxable income lower. The smaller the taxable income comes out the lower the tax bill will be.

When are tax return due?

Tax returns deadlines can vary per year but will typically fall in the middle of April. How a tax return due date is determined is if the due date falls upon a weekend or holiday it will be moved to the first following workday. 

What is the difference between a tax return and a tax refund?

The difference between a tax refund and tax return is that a tax refund is money that the IRS will send after accepting your tax return. This refund is sen if the tax return shows that you paid more in taxes the past year than was required. As such, more than ¾ of Americans receive a refund.

How do I get my tax return?

The tax return transcript can be obtained by ordering it online with the get transcript tool at the IRS.gov website. Another way could be to order it by phone. If you order it by the mail Form 4506-T or Form 4506T-EZ will need to be completed and the return will be sent by mail.

When should I get my tax return?

For tax returns which were e-filed and direct deposit is selected, you can expect funds processed within 21 days of the e-file being accepted. WIth mailed paper returns allow for 4 weeks before checking up on the status. From the date the IRS receives this kind of tax return expect processing time to run from 6-8 weeks.  

Laptop With Tax Form on Desk

Where File Tax Return

Can you go to jail for not filing your tax return?

In certain cases yes, you could go to jail for not filing a tax return. You can also go to jail after lying on your tax return. Depending on your circumstances you can go to jail for 1-3 years. However, if you don’t have enough money to pay your taxes you won’t go to jail. A mistake on your tax return will not land you in jail. In any case, a criminal charge will need to be made against you for you to go to jail. Most tax liabilities will fall under civil judgments and will need to follow up with you needing to pay the money.

Contact A Professional Tax Return Service For Assistance

When your taxes are convoluted or just confusing to you in general, it’s not uncommon to rely on the services of a tax return specialist. They will be able to best assist you with the details surrounding your tax documents and what needs to be included. Get in touch with a professional today, like skylight repair it’s best to have services completed as needed with guideline in mind. Have the process of your tax return completed and filled out accurately in a timely manner today.

If you’re interested in assistance with your tax return in Fort Worth, TX call 817-905-1040 with Don R. Walker, C.P.A.!