A tax return is a form on which a person or entity reports income, deductions, and exemptions to the federal or state taxing authority (IRS or state tax authority), and on which the person or entity’s income tax liability is calculated.
In Georgia, as in all states, a tax return is a document filed with the state's Department of Revenue (DOR) and the Internal Revenue Service (IRS) for federal taxes, detailing income, deductions, and exemptions. The purpose of this filing is to reconcile the amount of tax owed to the state or federal government with the amount of tax already paid throughout the year. For state taxes, Georgia residents use Form 500 to file their individual income tax return. The form calculates the taxpayer's state income tax liability based on their earnings and allowable deductions and credits. Tax returns are typically due by April 15th of each year for the previous year's income, unless an extension is filed. It's important to file tax returns accurately and on time to avoid penalties and interest charges for late or incorrect filings.