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Taxes

tax return

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 Illinois, a tax return is a document filed with the Illinois Department of Revenue (IDOR) for state taxes, and with the Internal Revenue Service (IRS) for federal taxes. Individuals, businesses, and other entities must report their income, deductions, and exemptions on these forms. For individuals, the most common form is the IL-1040 for state taxes and the Form 1040 for federal taxes. The state of Illinois has its own set of tax laws and regulations, which determine the state income tax rates and the various deductions and credits that are available to taxpayers. The federal tax return follows the federal tax code as established by the IRS. The purpose of filing a tax return is to reconcile the amount of tax that has been withheld from a taxpayer's income (if any) with the actual tax liability based on the taxpayer's financial circumstances. If too much tax has been withheld, the taxpayer may be eligible for a refund. Conversely, if not enough tax has been paid throughout the year, the taxpayer may owe additional money to the tax authority.

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Pet Tax Credit: 5 Deductions For Which You May Be Eligible

While there is no direct pet tax credit that magically reduces your tax bill simply for having a beloved cat, dog, or other animal companion, that doesn't mean you can't deduct some pet-related expenses on your next tax return.

Taxes

tax return

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Illinois State Code

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Taxes

tax return

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