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 New York State, a tax return is a document filed with the New York State Department of Taxation and Finance to report income, deductions, and exemptions for the purpose of calculating state income tax liability. This is in addition to the federal tax return filed with the Internal Revenue Service (IRS). New York State requires residents, part-year residents, and non-residents who have earned income in the state to file a state tax return. The specific form used depends on the taxpayer's circumstances, with Form IT-201 for residents, Form IT-203 for non-residents or part-year residents, and other forms for specific situations. Tax returns are typically due on April 15th, the same deadline as federal tax returns, unless an extension is granted. The state tax system is progressive, with rates ranging based on income levels. Taxpayers may also be eligible for various state-specific deductions and credits that can reduce their tax liability.