Tax returns (in the United States) are forms filed with the Internal Revenue Service or with the state or local tax collection agency (California Franchise Tax Board, for example) containing information used to calculate income tax or other taxes.
The standard US individual tax return is Form 1040. There are several variations of this form, such as the 1040EZ and the 1040A, as well as many different supplemental forms.
Americans who earn more than a specified amount (which changes occasionally, as of 2002 about $5000) are required by law to file tax returns (and pay remaining income taxes if applicable). Earnings are to be counted whether or not they arise from legitimate businesses - for example, income on sale of illegal drugs is taxable. Many criminals, most famously Al Capone, are indicted not (or not only) for their crimes, but for failure to file tax returns (and pay income taxes) on their ill-gotten gains. Since then, the IRS occasionally has seen "Fifth Amendment" returns from a few criminals, who accurately report their annual income and tax liability but refuse to reveal the source of the funds on the grounds that such a statement would violate their Fifth Amendment right against self-incrimination.
If taxpayers find a mistake on their previously filed individual tax returns, they can file corrections with Form 1040X.
Certain forms such as Form W-2 and Form 1099 are used to report information on the amount of income that a payer pays a taxpayer. Any company, employer, or party who has paid income to a taxpayer is required to send this information directly to the IRS. This information is also sent directly to payees, which enables the IRS to make sure taxpayers report all of their income correctly.
Karmanya has capabilities to offer individuals and business the facility of filing tax returns as we have experts who know the US laws on tax preparation and taxation which will help our customer be at ease in their tax related matters.