People are often afraid of the term tax.
When the days come for filing tax returns they are even more scared.
However, if seen closely people would observe that tax returns are actually for their own benefit.
Most people working with registered companies will have their income tax deducted right from their salaries even before they get the money in their account.
They don't notice it but their tax is getting paid with every salary.
The long forms, difficult terms and complex calculations make people stay away from doing any calculation of their taxes.
However, when you receive a tax return form it is your liability to fill it and return it to the taxing authority.
You don't always have to pay income tax.
You only pay income tax when your salary has reached a certain mark.
This salary mark when income tax is deducted is different for different countries.
Your age and marital status also play a huge role in deciding how much tax you will have to pay.
The most important thing about tax filing is that you could also get advantage by doing that.
Don't be surprised because it is very true.
Tax is deducted from your salary every month but it doesn't mean the right amount is deducted every time.
It happens quite often that you have more expenses and more people relying on your income but the tax department does not know about them.
What happens then is that you have to pay more tax than you should because the income tax department thinks you have fewer expenses.
Every year you will receive a tax return form and by filling out this form you declare your responsibilities and income.
If you have been paying more tax you will get a refund.
It's true: you can get a refund out of the money you have paid to the income tax department.
You have to make sure that you submit your tax return forms by April 15th.
If you delay the submission of the form from this date you will incur penalties.
It is also important that you obtain your W-2 form from the employer before January 31st.
April 15 is also the last date for people who want to file an extended period request to file their tax returns.
After approval of their request they are given an additional 6 months to file their tax returns.
The new date of tax filing for approved requests is then October 15th.
The citizens of the US and other developed countries have now been given the facility of filing their tax returns online.
In the US the citizens can use various third party applications to file their tax returns online.
However, they have to make sure to use the applications of only the companies that have been authorized by IRS.
You could even get relief from your taxing authority in different ways.
You could either get a tax rebate or tax credit depending on your particular scenario.