tax-return

Vocabulary Word

Definition

A 'tax return' is an official document you submit to your government, normally every year, which records your income, deductions, and other financial information. It's used to determine the amount of tax you need to pay or the amount you get back if you've overpaid.

Examples in Different Contexts

For businesses, the 'tax-return' includes comprehensive reporting of earnings and tax liabilities. A business owner might discuss, 'Our accountant is finalizing the company's tax-return to ensure all deductions are accurately claimed.'

Practice Scenarios

Public-Policy

Scenario:

We are working on a new policy that seeks to tax high earners more. We need to review last year's income brackets and see its impact.

Response:

Reviewing tax returns of that income group can offer us valuable insights into the real-world effects of that policy.

Tech

Scenario:

We received significant funding this year but had significant operating costs. Making sure we accurately account for these in our financial reporting is vital.

Response:

Equally vital is to factor these into our tax return to ensure transparent reporting to our investors.