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 Indiana, as in all states, a tax return is a document filed with the state's Department of Revenue (DOR) and the federal Internal Revenue Service (IRS) that reports income, deductions, and exemptions for the previous year. For federal taxes, individuals typically use forms such as the 1040 or 1040-SR, while businesses may use forms like the 1120 or 1065, depending on their structure. Indiana has its own set of tax forms for state taxes, such as the IT-40 for individual residents and IT-20 for corporations. The information provided on these forms is used to calculate the taxpayer's liability, and taxes owed must be paid by the filing deadline, which is usually April 15th for federal taxes and April 15th or the next business day if the 15th falls on a weekend or holiday for state taxes. Taxpayers in Indiana may also be eligible for various state-specific deductions and credits that can reduce their tax liability.