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tackling income taxes

what are tax returns?

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What we’ve all been waiting for… drum roll please! What are tax returns? We’ll break down the basics in this lesson before diving deeper later in this course (including all the fun IRS tax forms!).

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transcript

What is a tax return?

What we’ve all been waiting for…let’s talk about tax returns. We’ll break down the basics in this lesson before diving deeper later in this course.

 

Every year, you file documents with the IRS that tell them your financial summary for the year prior, like income, expenses, and more. Filling out and filing these documents helps both you and the IRS determine the total amount of taxes you owe, and whether you overpaid taxes during the year. When you pay income taxes on the federal and state levels, you file your tax returns with federal and state governments.

 

Do you have to pay or do you get paid?

Your tax returns will tell you whether you need to pay taxes or whether you will get paid. Some income taxes are taken out and paid to the IRS at the time you receive the income, like salaried paychecks, but others are not, like if you’re a contract worker. So, if your taxes aren’t paid to the IRS at the time you receive the income, you’ll have to pay them when you file your tax returns. If you overpaid on your taxes, you’ll get some money back from the gov’t, always a nice little bonus.

 

Tax Day

What’s your favorite holiday? Ours is April 15, or 16, or 18… whenever Tax Day is. It changes every year, but it’s usually sometime in April. Tax Day is the day you have to file your tax returns by, that’s why everyone googles “What’s a tax return?” so much in April. If you’re late, you may have to pay penalties so make sure you’re on your game.

 

Tax returns are probably everyone’s least favorite thing in the world. But, unfortunately, they’re essential to living life. For some reason, we didn’t learn most of this stuff in school… keep moving through the course to learn about important forms, tax extensions, and a walkthrough of filing.

 

Source(s): IRS

No account yet? Register

tackling income taxes

what are tax returns?

What we’ve all been waiting for… drum roll please! What are tax returns? We’ll break down the basics in this lesson before diving deeper later in this course (including all the fun IRS tax forms!).

What is a tax return?

What we’ve all been waiting for…let’s talk about tax returns. We’ll break down the basics in this lesson before diving deeper later in this course.

 

Every year, you file documents with the IRS that tell them your financial summary for the year prior, like income, expenses, and more. Filling out and filing these documents helps both you and the IRS determine the total amount of taxes you owe, and whether you overpaid taxes during the year. When you pay income taxes on the federal and state levels, you file your tax returns with federal and state governments.

 

Do you have to pay or do you get paid?

Your tax returns will tell you whether you need to pay taxes or whether you will get paid. Some income taxes are taken out and paid to the IRS at the time you receive the income, like salaried paychecks, but others are not, like if you’re a contract worker. So, if your taxes aren’t paid to the IRS at the time you receive the income, you’ll have to pay them when you file your tax returns. If you overpaid on your taxes, you’ll get some money back from the gov’t, always a nice little bonus.

 

Tax Day

What’s your favorite holiday? Ours is April 15, or 16, or 18… whenever Tax Day is. It changes every year, but it’s usually sometime in April. Tax Day is the day you have to file your tax returns by, that’s why everyone googles “What’s a tax return?” so much in April. If you’re late, you may have to pay penalties so make sure you’re on your game.

 

Tax returns are probably everyone’s least favorite thing in the world. But, unfortunately, they’re essential to living life. For some reason, we didn’t learn most of this stuff in school… keep moving through the course to learn about important forms, tax extensions, and a walkthrough of filing.

 

Source(s): IRS

lessons in this course

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