Tax season is the time period between January 1 and April 15 of each year when taxpayers traditionally prepare financial reports for the previous year.
 | | Term of the Day | Words to Know | | |  | | Tax Season | Tax season is the time period, generally between January 1 and April 15 of each year, when individual taxpayers traditionally prepare financial statements and reports for the previous year and submit their tax returns. In the United States, individuals typically must file their annual tax return by April 15 of the year following the reportable earnings. Tax returns submitted after the end of tax season are subject to late penalty fees and interest charges.
In 2020, the deadline for filing and paying 2020 taxes was extended to July 15 because of the COVID-19 pandemic. | | Read More » | | Tax Return | | A tax return is a form(s) filed with a taxing authority on which a taxpayer states their income, expenses, and other tax information. | | Read More » | | | Gross Income | | Gross income represents the total income from all sources, including returns, discounts, and allowances, before deducting any expenses or taxes. | | Read More » | | | W-2 Form | | The W-2 form reports an employee's annual wages and the amount of taxes withheld from his or her paycheck. | | Read More » | | | W-9 Form | | A W-9 form is an Internal Revenue Service form which is used to confirm a person's taxpayer identification number (TIN). | | Read More » | | | | | | CONNECT WITH INVESTOPEDIA | | | | | | | |
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