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

Accounting

Scenario:

I've noticed some discrepancies in the expense claims from different departments. We need to rectify these before the end of our financial year.

Response:

Agreed. Inaccurate liabilities would lead to unnecessary complications when filling out the tax return.

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.