What is the primary purpose of filing taxes?

The primary purpose of filing taxes is to submit income and financial information for assessment. When individuals file their taxes, they are providing the government with detailed information about their earnings, expenses, and other financial activities over the past year. This assessment allows the government to determine the amount of tax owed based on the individual's income level and eligible deductions or credits.

Filing taxes is essential for ensuring that taxpayers comply with tax laws and contribute to public revenue, which supports various government services and infrastructure. Proper tax assessment also reflects any changes in tax rates, deductions, or credits that may impact an individual's financial standing and obligations.

The other options involve processes that, while related to personal finance, do not represent the primary purpose of tax filing. Applying for a loan, obtaining a credit report, and calculating savings growth are tasks that may use tax information but do not encapsulate the main aim of filing taxes, which is primarily focused on reporting income for tax purposes.