Definition of the word tax return

The term "tax return" refers to a document that individuals and businesses file with their respective tax authorities to report their income, expenses, and other tax liabilities for a particular year. The origins of the expression can be traced back to the late 19th century when the concept of income tax as we know it today began to emerge. In 1861, the United Kingdom became the first country to levy a modern-style income tax, requiring individuals to declare their earnings on a form known as a "Schedule of Income." The following year, the United States implemented its first federal income tax, with returns due on April 15. These early forms generally consisted of a simple list of income sources and amounts, and were known as "returns" or "statements." Over time, new provisions were added to these forms as tax laws became more complex, and today's tax returns are far more detailed. They ask for basics such as names, addresses, and social security numbers, but also require information about assets, investments, charity donations, and a range of other factors that affect tax liability. The term "tax return" has become deeply entrenched in everyday language, and is used not just in tax law and accounting, but also in popular culture and media.