Tax Season
 |
Definition of 'Tax Season'The time period between January 1 and April 15 of each year in which individuals traditionally prepare the previous year's financial statements and reports. In the United States, individuals must file their annual tax return by April 15 of the year following the reportable earnings.During tax season, businesses must furnish employees, contract laborers and others, such as royalty earners, with tax documents specifying data required to complete individuals' tax returns. People who are required to file a tax return must do so by April 15 or request an extension. |
 |
Investopedia explains 'Tax Season'Tax season is the busy season for many tax preparers and accounting professionals. This three and a half month period is the time that people collect the necessary paperwork, including wage and earnings statements (such as 1099s or W-2s) and assemble tax returns.While some individuals calculate their own tax returns, many rely on the expertise of tax preparers and accounting professionals to be certain the paperwork is filed correctly and to improve the financial outcome of the tax return. Individuals must file federal, state and, in some cases, local tax returns. |
 |
Related Video for 'Tax Season'
|
Related Definitions
Articles Of Interest
-
Next Season, File Taxes On Your Own
Master these fundamentals and you'll be doing your own taxes with minimal stress. -
How To Calculate The Tax You Owe
Learn the basic information you need to calculate the taxes you'll owe the government this tax season. -
10 Money-Saving Year-End Tax Tips
Getting organized well before the deadline will curb your frustration and your tax liability. -
10 Most Overlooked Tax Deductions
The receipts you cram into your wallet could be replaced with cash come tax season. -
New Tax Rules Target The Top Tax Bracket
The American Taxpayer Relief Act brings about new tax rules for the wealthy that people such as Warren Buffett have been calling for over the last few years. -
The Financial Fallout Of The DOMA Repeal For Same-Sex Couples
The recent Supreme Court decision to repeal the Defense of Marriage Act has paved the way for same-sex couples to enjoy the same federal benefits as opposite-sex couples. -
Is It Foolish To Strive For The American Dream?
Even Jay Gatsby's stubborn optimism in The Great Gatsby would be hard pressed to believe that rags-to-riches stories are possible in today's economy. Find out why the ever-increasing wealth gap ... -
Canadians: Smart Ways To Use Your Tax Refund
Taxes are an annoying annual chore akin to going to the dentist. Luckily, however, some of us get a nice tax refund after the process. It's important to use this refund wisely though, and Canadians ... -
Has Income Tax Become A Class Tax On The Poor?
With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ... -
Possible Effects Of The Online Retail Tax
The U.S. Senate has passed a bill that will impose a sales tax on online retailers. Discover how the Marketplace Fairness Act could affect your bottom line.
Free Annual Reports