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 Ohio, as in all states, taxpayers are required to file a tax return with both the federal and state tax authorities. The federal tax return is filed with the Internal Revenue Service (IRS) and the state tax return is filed with the Ohio Department of Taxation. The tax return forms require individuals and entities to report their income, deductions, and exemptions for the year. Based on this information, the tax return calculates the amount of income tax the taxpayer is liable to pay or the refund they are entitled to receive. Ohio has its own set of tax forms and instructions that are used to calculate state income tax, which may differ from federal income tax calculations. Taxpayers in Ohio must ensure they comply with both federal and state tax laws and filing requirements by the appropriate deadlines to avoid penalties and interest.