What is a tax return?

A tax return is a form that you fill out and submit to the Internal Revenue Service (IRS) to report your income and determine how much tax you owe. In the state of Arizona, you must submit a tax return if you have earned income during the year. This includes wages, commissions, tips, and other taxable income, as well as income from self-employment, investments, and other sources. When you file your tax return, you provide a tally of your income, as well as any deductions, credits, or exemptions that you are eligible to claim. Depending on your individual situation, you may be able to reduce your tax liability by claiming deductions for expenses like charitable donations, home office expenses, or medical expenses. After these deductions are taken into account, your taxable income is calculated. Once you have calculated your taxable income, you will determine how much tax you owe, based on the rates set by the Arizona Department of Revenue. This is when you will submit your tax payment with your tax return. Depending on your individual situation, you may end up owing taxes, receiving a tax refund, or breaking even. If you have complicated taxes, it may be wise to seek advice from a qualified tax professional in order to ensure that your tax return is prepared correctly and all relevant deductions and credits are considered.

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