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 Wisconsin, as in all states, taxpayers are required to file a tax return with both the federal and state tax authorities to report their income, deductions, and exemptions for the year. The federal tax return is filed with the Internal Revenue Service (IRS), while the state tax return is filed with the Wisconsin Department of Revenue. The tax return forms allow for the calculation of the taxpayer's income tax liability. For individuals, the most common federal form is the 1040, and for Wisconsin state taxes, the Form 1 or Form 1NPR for nonresidents and part-year residents. Taxpayers must file their tax returns by the deadline, typically April 15th, unless an extension is requested and granted. Failure to file or pay taxes can result in penalties and interest charges. Wisconsin may have specific deductions and credits that are unique to the state, and these can affect the calculation of the state tax liability.