Definition

The form you file with the government to report your income, deductions, and tax liability for the year.

What to consider

  • Research legal strategies to reduce your taxable income.
  • Weigh the potential benefits against any risks involved.
  • Consult a tax professional to tailor strategies to your situation.

Real world scenarios

  • Every spring, Daniel diligently prepared his tax return, ensuring that he reported all income and claimed every deduction he was eligible for.

Related terms

Taxes