What Is Individual Tax Filing, Family Tax Filing, and Tax Refund?

In the United States, taxpayers are required to file their tax returns with the IRS and state tax authorities by the annual deadline of April 15. A tax return is the form you submit each year that summarizes your income, expenses, investments, and other tax-related information.

A tax refund occurs when the amount of tax you paid to the federal or state government exceeds your actual tax liability. In that case, the tax authorities will return the excess amount to you. Many factors affect the amount of tax you owe, such as income, family members, children’s ages, tuition, loans, property taxes, retirement funds, foreign income, and more. That’s why it’s important to have an experienced accountant help you maximize your refund.