A tax return is a form on which a person or entity reports income, deductions, and exemptions to the federal or state taxing authority (IRS or state tax authority), and on which the person or entity’s income tax liability is calculated.
In Florida, as in all states, individuals and entities are required to file tax returns to report their income to the Internal Revenue Service (IRS) for federal tax purposes. The federal tax return forms, such as the 1040 for individuals, are used to calculate income tax liability based on reported income, deductions, and exemptions. While Florida does not have a state income tax for individuals, entities like corporations are subject to the Florida Corporate Income Tax and must file a Florida Corporate Income/Franchise Tax Return (Form F-1120) if they do business, earn income, or exist in Florida. Other state taxes, such as sales and use taxes, also require specific forms for reporting. It's important to note that even though Florida residents do not file state income tax returns, they must still file federal income tax returns annually by the deadline set by the IRS, typically April 15th.
