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What To Know About an Income Tax Form

What To Know About an Income Tax Form

The income tax return form is the fundamental tax vehicle used by the federal government to levy income taxes on all adult American citizens. All individuals who earn an income whether through wages, investments, or any form of capital gain must file federal income tax return forms. Failure to submit these forms will result in late fees, interest penalties, and in cases of chronic negligence, criminal charges.
Federal income tax forms, before the advent of the computer and Online filing, was a tedious process that required numerous hours and in many cases the inclusion of an accountant or tax professions. Preparing and filing an income tax return during modern times, however, is a fairly easy process. 
The form 1040 is the primary Individual Income Tax Return collected by the United States Federal Government. The form 1040 is the starting form for individual federal income tax returns filed with the IRS. 
Any resident individual income taxpayer uses the 1040 to report all wages incurred, plus any income collected through investments or side business ventures. There are three kinds of federal income tax forms: the basic 1040, the 1040 A, and the 1040 EZ. Individuals with basic tax situations, meaning no itemized deductions or capital gains.losses, should utilize the simplified 1040A form. 
Through advancements in computer technology, the majority of tax returns are filed online, through the Internal Revenue Service’s website. All Federal income tax forms must be filed by April 15th of the next year (the previous full year is the applicable tax year).

Understanding the 2008 Tax Form

Understanding the 2008 Tax Form

Federal tax forms for 2008 can be obtained at the Internal Revenue Service’s official website. To provide public services and to fund current expenditures the federal government of the United States must impose taxes on income, capital gains, and the majority of assets. 
The predominant income tax forms imposed by the Internal Revenue Service are the 1040, the 1040A, and the 1040 EZ. Each of these tax forms levy a personal income tax. In essence, they are all uniform, however, the filing directions and the process required for filing vary. The 1040 income tax form is an individual tax return form, while the 1040 A is the short version of the same levy, and the 1040 EZ is an income tax return for single and joint filers with no dependents.
The Internal Revenue Service does not revise every income tax return form each year. That being said, the tax rates applied to each income bracket are susceptible to change given the current political party’s policy on taxes. Therefore, 2008 tax forms are adjusted to federal tax laws, but in essence the remain uniform to a previous year’s tax forms. 
Income tax forms that are annually revised will have the coordinating year shown in the upper right corner of the tax form. In contrast, forms that are revised periodically will have their revision date shown underneath the form number in the upper left hand corner. Revision dates of income tax forms are shown either by the tax year or by the month they are revised. 

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