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To prepare for tax time, take a look at this video that explains what constitutes a tax return.

Simply, a tax return is all the forms the IRS requires of you to determine your income, deductions, and credits for the year. The forms you use will depend to some extent on your financial situation. If you are claiming any credits, you’ll need to file additional forms for those as well.


When you get your tax return, think carefully about how to spend it. You may want to pay down some of your debts, but that is not always the best idea. Instead, consider establishing an emergency fund with that extra money, so you don’t have to accumulate more debt if unexpected expenses arise.