What It Is:
How It Works/Example:
April 15 is the annual deadline for filing a tax return, though some types of taxpayers must file tax returns quarterly. Most individual taxpayers use one of the IRS's 1040 form in addition to forms that report or calculate taxes owed or paid on special types of income.
In general, a tax return involves calculating gross income, capital gains/losses, deductions, interest payments, distributions, and tax credits.