What does it mean filing your taxes?

Question

Please explain to me in a manner you would explain to a kid who is absolutely a beginner and doesn't understand any jargons.

Answer 1

Fair enough.



Filing your taxes, offering your returns etc are common jargon used for paying your tax.



For the purpose of paying your taxes, you have to firstly register yourself with the tax authority. This can be done online. In India we get a PAN Card after getting ourselves registered.



Thereafter every year you declare your income. You do this by filling a form issued by the tax authority. In this Form you declare how much you or your business has earned over the year. Out of this total earning, you deduct the allowable expense / costs and arrive at the net earnings (profits). On this profit you calculate % of tax payable in accordance with the limits prescribed by law.



Then you pay this sum to the Govt and discharge your dues. This is called filing your returns/ paying your taxes.

Answer 2

A shorter US answer:



The US, most states, and many local governments have a tax on income. Those taxes are based on annual income of the taxpayer.



Almost always, the taxpayer will pay some of the tax during the year. For example, paying 2013 taxes during 2013. These payments may be in the form of withholding (deductions by the issuer of the payment, such as an employer, who sends the money to the relevant government agency) or estimated tax payments, sent to the government by the taxpayer.



The actual tax due can only be calculated once the year is over, since only then does anyone know for sure what the income for the year will be. So, early in the following year (for 2013, early in 2014), the taxpayer has to fill out the forms (a tax return) separately for each income tax he or she has to pay. On the forms the income for the year is listed and the total tax due is calculated. If more tax is due than has already been paid, the taxpayer send in the forms with a payment of the amount difference. If the payments are greater than the amount due, the taxpayer sends in the forms and that government agency will refund the difference, obviously called a tax refund. Sending in the forms is called "filing your taxes".



A few more points:



You send the forms for each government to a separate place. The forms may be on paper or electronic. You can do all the work yourself or have someone help you or do it for you. Many accountants, firms like H&R Block, or other authorized ta prepares are used by many (I think most) people. My father (10th grade education) taught me how to do my income tax almost 60 years ago, so I do my own, keeping up with the law and for the 15 years using a computer program (in my case Turbo Tax).



Also, from an English language standpoint it is common to use the word filing for sending a document somewhere; reporters file their stories with their employers, people file lawsuits by sending appropriate documents to a court, etc.

Answer 3

Can read and under stand what the kid is reading at that time in life.

Very slowly and carefully take your time and start to Learn how to read each word and sentence as you do go through the software program and try real hard to understand and do exactly what the tax software program is telling you to do at that time and then it could be very possible that you would be able to correctly complete your own 1040 income tax online using the www.irs,gov website for that purpose and time in your life.

Should not be any problem if you can read very slowly and follow the instructions and enter your information on your 1040EZ tax form during the 2013 tax filing season for this purpose and time in your life.

Go to the www.irs.gov website and use the search box for 1040EZ and choose the instruction to get started.



www.irs.gov/instructions/i1040ez/index…



Introduction about These Instructions

We have designed the instructions to make it as simple and clear as possible to file your tax return. We did this by arranging the instructions for Form 1040EZ preparation in the most helpful order.

• “Section 2—Filing Requirements” helps you decide if you even have to file.

• “Section 3—Line Instructions for Form 1040EZ” follows the main sections of the form, starting with “Top of the Form” and ending with “Signing Your Return.” Cut-outs from the form connect the instructions visually to the form.

• “Section 4—After You Have Finished” gives you a checklist for completing a return. It also gives you information about filing the return.

• “Section 6—Getting Tax Help” has topics such as how to get tax help, forms, instructions, and publications. It also gives you other useful information, such as how to check the status of a refund.

Helpful Hints

Choose the 1040 tax form when you are ready to look at the blank form for that purpose.

PDF] 2012



www.irs.gov/file_source/pub/irs-pdf/f1…



W-2 forms from your employers during the 2013 tax filing season look at it closely and find the Box 2 FIT $ amount if it should happen have some amount in the Box 2 for this purpose then you would want to fill out and file a 1040 income tax return during the 2013 tax filing season using the Box 2 amount as TAX CREDIT and REFUND that you should be able to qualify for when you do correctly completed your 1040 income tax return during the 2013 tax filing season for this purpose and time in your life.

Be sure and check the box on the page 1 of the 1040 income tax return to indicate that you are a dependent of another taxpayer for the tax year and that you do NOT claim your own exemption and the amount on that line at that time is -0- ZERO

Sign the completed 1040 income tax return and make a copy for your records and then send the other signed copy on to the IRS for processing at that time in your life.

Go to the www.irs.gov website and on RIGHT side of the page choose FREE FILE

EVERYONE is Eligible to Free File!



www.irs.gov/Filing



http://www.irs.gov/uac/Free-File:-Do-You…



Hope that you find the above enclosed information useful. 09/23/2013

Answer 4

it means you gather your income information together as well as deductions and credits you are eligible to claim and enter on a tax form, most likely a '1040', you either efile it or mail a paper copy to the taxing authorities

there is a stated time period when these are to be filed, and not complying with that deadline causes that tax return to be 'late' which can impose some penalties

Answer 5

It means to fill out a bunch of forms and send them to the government.