If you’ve ever experienced tax issues with the IRS, you’re probably familiar with a few different tax forms. However, if you’ve never used a tax form before, you’re probably asking yourself, “What are income tax forms?” The income tax form is a document that you fill out in order to report your income to the IRS. Every year, the IRS sends out these documents in January.
There are many different income tax form in the US, and each form has its own purpose. Taxing is the process of collecting different amounts from different people, organizations or businesses. People or businesses often pay taxes in order to receive money from the government, and then they use that money to pay for various things. Most people living in the United States are required to fill out tax forms every year. If you do not, you may be subject to income tax. Income tax forms are used to calculate your income, as well as to pay your taxes. There are numerous forms online, but you may have difficulties finding the one that’s right for you.
Introduction
Tax forms are the official government documents that you are required to fill out when paying your taxes. In general, the more complex your finances, the more tax forms you will need to complete. Each state and city also creates its own forms, but these are often modeled after the federal forms.
Many Americans are very confused when it comes to taxes. Many people ask, “What are income tax forms in US?” There are several different forms of federal income tax in the United States that all come with different rules. You need to understand each one of them in order to figure out which one you will end up using.
IRS Tax Forms for 2018 and later years
Beginning with 2018, we will only have Forms 1040 and 1040-SR, which can be used by most taxpayers regardless of filing status or income level. Form 1040-SR provides an alternative to Form 1040 for taxpayers age 65 and older, and uses the same Form 1040 schedules and instructions. Form 1040-SR font size is larger and can be easier to read than the paper version of Form 1040.
IRS Tax Forms for 2017 and prior years
Most taxpayers use Forms 1040, 1040A, or 1040EZ to report their taxable income to the IRS annually in years prior to 2018. Anyone could choose to file Form 1040. However, prior to 2018, if your income was less than $100,000, you claim the standard deduction and you don’t claim any dependents, you may be eligible to use Form 1040EZ, one of the simplest.
Alternatively, you could choose to prepare a Form 1040A, which is also shorter than Form 1040, but the only deductions you can claim are student loan interest and IRA contributions (investments in retirement accounts); itemized deductions are not allow on this form. Regardless of the form you choose, you must fully report your income and deductions on one of them.
Additional Tax Listings
The IRS may ask you to complete additional forms based on your particular financial circumstances. If you operate a business as a self-employed person, you must attach a Schedule C to separately report business income and expenses. You may also need to fill out a Schedule E to report the gain or loss on your rental properties and a Schedule D to report capital gains or losses from the sale of capital assets, such as stocks and other investments.
Forms to Report your Income
If you work as an employee, your employer is required to submit a W-2 form by the end of January of the following tax year. The W-2 reports how much income you’ve earned and how much your employer withholds from your paycheck for taxes. This will help you determine if you need to send a check to the IRS when you mail your Form 1040 or if you can start thinking about how to spend your refund.
Independent contractors typically receive a 1099 form from their clients, which also reports annual income, but typically doesn’t include any withholding taxes.
Obtaining Tax Forms
Gone are the days of the IRS mailing you the tax forms you need to complete your return? It is now possible to access forms and complete your tax returns using a computer through income tax software. For example, TurboTax offers an easy-to-use program that allows you to quickly prepare your tax returns. It can even e-file your return, which reduces the amount of time you have to wait to receive your refund.
Do your taxes your way with TurboTax. Do them yourself, with the help of an expert, or have an expert do them for you from start to finish. Your taxes will be well done.
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