Tax Return
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A form filed with the tax authority reporting income, deductions, credits, and calculated tax liability for a specific period, typically one year.
## Tax Return
A tax return is the formal document (paper or electronic) through which individuals and businesses report their income and calculate their tax liability.
### Filing Requirements by Country
| Country | Form | Deadline | Auto-Filing |
|---------|------|----------|-------------|
| US | 1040 | April 15 | No |
| UK | Self Assessment | January 31 | PAYE = no filing for most |
| Germany | Einkommensteuererklärung | July 31 | Voluntary for many employees |
| Japan | Kakutei Shinkoku | March 15 | Employer year-end adjustment |
| Australia | Individual Tax Return | October 31 | Pre-filled by ATO |
### What Happens
1. Report all sources of income.
2. Claim deductions and credits.
3. Calculate tax liability.
4. Compare with withholding already paid.
5. Pay balance due or receive a refund.
### Penalties
Late filing and late payment penalties vary but can be significant. The US charges 5% of unpaid tax per month for late filing (up to 25%) and 0.5% per month for late payment.