Tax returns are documents all taxpayers must file by April of each year. These documents contain your income information from the previous year. Each year, you must file your tax returns with the IRS so the government bean counters can properly calculat your tax payments.
If you are an employee, your employer probably withheld taxes from your paychecks. Business owners and self-employed individuals usually pay their taxes by installments throughout the year. Because tax payments are estimated amounts, it is rare the taxes you paid throughout the year are actual amounts owing to the IRS.
Why File Tax Returns?
It is common that individuals pay too much in taxes throughout the year. If this is the case, you will receive a tax refund check. If you dont file your taxes, you wont be able to get a refund check.
In other cases, not paying enough taxes throughout the year means you owe more money to the IRS. When you file your taxes, the IRS computers will calculated the difference so you can make an exact payment to the government.
Failure to do your tax returns can have harsh results. If you have overpaid in taxes, you could lose your refund after...
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