Tax

Tax Forms You Need

Tax Forms You Need

November 30
00:00 -0001

Tax Forms You Need

 


1040

 

1040ES

 

1041ES

 

1040A

 

1040EZ

 

1065

 

1098T

 

1099

 

1120

 

2848

 

4506T

 

4868

 

5405

 

8863

 

8917

 

990

 

W-2

 

W-9

 

Tax forms are legal documents used by taxpayers and tax-exempt organizations to formally report financial information to the Internal Revenue Service or other governing bodies of the United States.

 

All tax forms are used to report income and calculate taxes that must be paid to the federal government (as well as the local governments) of the United States of America.

 

The IRS, as a result of the advancements made in computer technology, typically offers two versions of each tax form: the simplified version known as the EZ model and the standard-issued tax forms. If you need legal advice and assistance, contact tax lawyers.

 

Examples of Federal Tax Forms: 

 

Form 990: This IRS form is titled “Return of Organization Exempt from income Tax.” The form 990 is submitted by all tax-exempt organizations and non-profits to notify the IRS with annual financial information. The short

Form 990, known as the 990-EZ may be filed by organizations with gross receipts between $25,000 and $500,000 and total assets that are less than $2.5 million. 

The Form 990 provides the public (individual tax payers and corporations) with financial information about a given tax-exempt organization; typically the Form 990 is the only source of such information. As a result, the Form 990 is used by government agencies to prevent such organizations from abusing their tax-exempt status.

 

1040 Series: The Form 1040 is the classic tax form used to report an individual’s personal income tax. These tax forms are the starting point for an individual’s Federal income tax returns that must be filed with the Internal Revenue Services. 

 

Form 1040, Form1040ES, Form 1041ES, Form 1040A, Form 1040EZ

 

Any full-time resident individual in the United States who is an income taxpayer may use the standard form 1040, however, those with uncomplicated tax returns (a lack of itemized deductions, no capital gains) may be able to use the simplified Form 1040A, known as the short form or 1040EZ. The Form 1040, which is the most comprehensive tax form, contains 11 attachments, known as schedules that may need to be filed depending on the taxpayer’s specific obligation. The attachments are as followed:
 

•  Schedule A : IRS form, Itemizes all allowable deductions against income; instead of filling out Schedule A, taxpayers may choose to take a standard deduction between $5,700 and $15,800 (for tax year 2010), depending

on age, filing status, and whether the taxpayer and/or spouse is blind.

 

 

 

•  Schedule B : IRS form, Details dividend and/or income generated from interest payments, and is required if either interest or dividends received during the tax year exceed $1,500 from all sources or if the filer had certain foreign accounts.

 

•  Schedule C : IRS form, Lists income and expenses related to self-employment, and is used by sole proprietors.

 

•  Schedule C-EZ : IRS form

 

•  Schedule D : IRS form, Section of the 1040 tax forms used to describe the intricacies associated with capital gains and losses incurred during the tax year. Schedule D also calculates the tax amount due given the special reduced tax rates applied to capital gains and qualified (domestic) dividends.

 

•  Schedule E : IRS form, Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities, such as trusts, estates, partnerships, or S Corporations

 

•  Schedule EIC : IRS form, Used to document a taxpayer's eligibility for the Earned Income Credit.

 

•  Schedule F : IRS form, Used to report income and expenses related to farming.

 

•  Schedule H : IRS form, Used to report taxes owed due to the employment of household help.

 

•  Schedule J : IRS form, Used when averaging farm income over a period of three years.

 

•  Schedule L : IRS form, Used to figure an increased standard deduction in certain cases.

 

•  Schedule M : IRS form, (2009 and 2010) is used to claim the up to $400 tax credit 

 

•  Schedule N : IRS form

 

•  Schedule R : IRS form, used to calculate the Credit for the Elderly or the Disabled.

 

•  Schedule SE : IRS form, Used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).

 

•  Form 1041 : IRS form, Used by trusts and estates for tax returns

 

•  Form 1065 : IRS form, Tax forms used by partnerships to file tax returns

 

•  Form 1098 : IRS form, Tax forms regarded as the Mortgage Interest Statement; these tax forms are used to report interest that a taxpayer has satisfied on his or her mortgage.

 

•  1099 Tax Forms : IRS form, These tax forms are used in the United States income taxation system to prepare and file various information concerning salaries, wages, and tips.

Share

About Author

admin

admin

Related Articles

Tax News

Woman Sentenced to Five Years Following Tax Fraud Scheme The plan seemed perfect to the three young Sacramento women: use internet tax software like TurboTax, steal Social Security numbers, and start filing fraudulent tax returns in the hopes of getting large refunds.
Proposed Pregnancy Tax Break Creates Controversy Proposed Pregnancy Tax Break Creates Controversy Michigan lawmakers have proposed a controversial new law that would give tax breaks to some pregnant women.
Statistics of Income Bulletin Released Statistics of Income Bulletin Released The Internal Revenue Service (IRS) released the 2012 issue of the Statistics of Income Bulletin last Wednesday.
More Tax Relief for Victims of Hurricane Sandy More Tax Relief for Victims of Hurricane Sandy The Internal Revenue Service (IRS) has announced more tax relief for businesses and individuals affected by Hurricane Sandy in Connecticut, New Jersey, and New York.
2013 Inflation Adjustments and Pension Plan Limitations 2013 Inflation Adjustments and Pension Plan Limitations On October 18, 2012, the Internal Revenue Service announced the increase of certain tax benefits because of inflation adjustments and 2013 pension plan limitations.
Farmers Affected by Drought Have Time to Replace Livestock Farmers Affected by Drought Have Time to Replace Livestock According to the Internal Revenue Service, farmers and ranchers affected by the huge drought in the United States have an extension to replace livestock and defer tax on gains made through forced sales.
Executive Director Pleads Guilty to Illegal Campaign Contributions Executive Director Pleads Guilty to Illegal Campaign Contributions On October 1, 2012, the US Attorney’s Office for the District of New Jersey announced that Thomas J.
Filing and Payment Extensions End October 15th Filing and Payment Extensions End October 15th On September 28, 2012, the Internal Revenue Service announced that taxpayers who received tax-filing extensions will have to file the forms by October 15.
Much Awaited Statistics of Income Bulletin Much Awaited Statistics of Income Bulletin On September 24, 2012, the Internal Revenue Service released the Summer 2012 issue of the Statistics of Income Bulletin.
Victims of Straight-Line Winds in WV Eligible for Tax Relief Victims of Straight-Line Winds in WV Eligible for Tax Relief On September 20, 2012, the Internal Revenue Service declared that victims of severe storms in parts of West Virginia that occurred on or around June 29, 2012, may receive tax relief.
Update Tax Relief for Hurricane Isaac Update Tax Relief for Hurricane Isaac The Internal Revenue Service has announced tax relief for victims of Hurricane Isaac on September 5, 2012, and the IRS has updated the areas for tax relief on September 17, 2012.
Obama Calls for Tax Credits for Unemployed Veterans Obama Calls for Tax Credits for Unemployed Veterans Calling on all members of Congress to put the country ahead of politics, President Obama called for action to help unemployed and injured Veterans land jobs during the difficult economy.
Payroll Tax Cut May Not Be Extended Payroll Tax Cut May Not Be Extended Republicans, who have already blocked much of President Obama's $447 billion jobs creation bill, may now be moving towards not extending the payroll tax cut as it expires at the end of the year.
France to Increase Tax, Cut Budget During Financial Difficulty France to Increase Tax, Cut Budget During Financial Difficulty With the European financial crisis creating havoc among Euro Zone member's economy, France has been forced to re-tool their budget in light of an unbalanced budget.

Guide To: Tax Lawyers

Guide to Finding Tax Lawyer Guide to Finding Tax Lawyer How do I find a Tax Lawyer?Tax lawyers specialize in helping clients who need guidance in navigating the complex tax codes of the United States and local state taxes.