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 Utah, as in all states, a tax return is a document filed with the state taxing authority (Utah State Tax Commission) and the federal government (Internal Revenue Service or IRS) to report income, claim deductions, and calculate the amount of tax owed or refund due for a particular year. For federal taxes, individuals typically use forms such as the 1040, and businesses may use forms like the 1120 or 1065, depending on their structure. Utah has its own set of forms for state taxes, such as the TC-40 for individual income tax returns. Taxpayers in Utah must file state tax returns annually by April 15th, the same deadline as federal tax returns, unless an extension is granted. The state of Utah taxes income at a single rate, which simplifies the state income tax return process compared to states with graduated tax rates. It's important for taxpayers to accurately report their income and take advantage of any applicable deductions and credits to ensure they are in compliance with tax laws and pay the correct amount of tax.