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 Louisiana, as in all states, a tax return is a document filed with the state's Department of Revenue (for state taxes) and the Internal Revenue Service (IRS) for federal taxes. This form reports an individual's or entity's income, deductions, and exemptions for the year. For state taxes, Louisiana residents use the IT-540 form for individual income tax returns or the CIFT-620 form for corporate income tax returns. The information provided on these forms is used to calculate the taxpayer's total tax liability. Taxpayers may be entitled to refunds if they have overpaid their taxes throughout the year or may owe additional taxes if their payments have fallen short of their total tax liability. It's important to file tax returns accurately and on time to avoid penalties and interest. The deadline for filing federal tax returns typically falls on April 15th, while the state of Louisiana also generally aligns with the federal deadline, but taxpayers should verify the exact due date each year as it can change or be extended under certain circumstances.