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A federal tax is a mandatory financial charge imposed by the government on individuals and businesses based on their income and other activities.
Individuals and businesses who meet certain income thresholds or engage in taxable activities are required to file a federal tax return.
To fill out a federal tax return, individuals and businesses need to gather their financial information, report their income, deductions, and credits accurately, and submit the return to the IRS.
The purpose of a federal tax is to fund government programs and services, regulate economic behavior, and redistribute wealth.
Income, deductions, credits, and other financial information must be reported on a federal tax return.
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