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Tax Returns
A tax return is defined as the form to be filed with a taxing authority by a taxpayer which, details his/her/their income, expenses, exemptions, deductions and calculation of taxes, which are chargeable to the taxpayer. Tax returns are reports of tax liabilities and payments, often including financial information used to compute the tax
A tax return transcript shows most line items from your tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules. It does not reflect any changes you, your representative or the IRS made after the return was filed. In many cases, a return transcript will meet the requirements of lending institutions such as those offering mortgages and for applying for student loans.
A tax account transcript shows any later adjustments either you or the IRS made after the tax return was filed. This transcript shows basic data, including marital status, type of return filed, adjusted gross income and taxable income.
Returns are reports used to transmit information about income, receipts or other matters that may affect tax liabilities. For example, Form W-2 and Form 1099 are used to report on the amount of income that an employer or other payer pays to a taxpayer. A company, employer, or person who has paid income to a taxpayer is required to file the applicable information return directly with the IRS. A copy of the information return is also sent directly to the payee. These procedures enable the IRS to make reasonably sure that taxpayers report income correctly. Obaseki and Associates, Inc. can make sure that the proper procedures are followed and that income is correctly reported |
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