How to File Your Taxes: A Beginner's Guide
In 2019, the Internal Revenue Service processed more than 253 million tax returns and collected more than $3.5 trillion in revenue.
Individuals and businesses throughout the U.S. are expected to file tax forms with the IRS to tell the federal government how much income they earned, what deductions and credits they're claiming, their total tax bill, and how much they underpaid or overpaid for the year.
Americans pay taxes throughout the year, with many workers having money directly withheld from their paychecks. The tax-filing process is how the government returns any overpayments made by taxpayers or charges those who didn't pay enough. The overpayments can be substantial, as the IRS issued more than $452 billion in tax refunds in 2019.
Source Fool.com
