What is a Tax Return?

A tax return is a government form, which taxpayers use to report gross income and include a variety of deductions and exemptions to arrive at their tax liability. Once completed and signed, a taxpayer remits the form to the applicable government taxation authority, along with a payment or a request for a refund. The tax return form for individuals for United States federal taxes is the Form 1040, while the tax return for corporations is the Form 1120 and the tax return for partnerships is the Form 1065.

In most countries, tax returns are due a few months after the end of the calendar year, and must be submitted by anyone who received income during the year. Depending on the country, it may be possible to file for an extension, so that the return is filed later than the standard filing deadline.