What Are Federal Tax Returns?

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Federal tax returns are handled by the IRS each year. It is important to file federal tax returns with information on salary and the amount of taxes paid to the government. File federal tax returns with help from a tax agency or on your own with tips from a registered financial consultant in this free video on taxes.

Part of the Video Series: Money Management & Personal Finance
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Video Transcript

This is financial adviser Patrick Munro, talking about what are federal tax returns? Federal tax returns are, of course, orchestrated by the government, and the branch of the government that takes care of the tax returns are the IRS. And you can go to irs.gov on the computer to find out all forms that are required. The most notable one for tax payers is the 1040 form. And each year, from your job, you receive a form from your employer as to how much tax you did pay into the system, and you must then file a return for that given year. You can file on your own by using software such as TurboTax, or you can go to an agency such as Liberty Tax, H&R Block, or whatever the case may be. Irregardless of how much money you made, it's important to file a tax return each and every year to make sure you're compliant with the IRS. And as such, you can look for deductions in the work that you do and lower your taxes payable. You can be a proud American, but you can be just as proud for half as much as long as you're aware of your deductions. This is Patrick Munro talking about what are federal tax returns?

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