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Definition of 'Tax Return'
1. The tax form or forms used to file income taxes with the Internal Revenue Service (IRS). Tax returns often are set up in a worksheet format, where the income figures used to calculate the tax liability are written into the documents themselves. Tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), interest, dividends, capital gains, or other profits.
2. A return of excess taxes paid during a given tax year; this is more accurately known as a "tax refund".
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