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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. 

The Purpose of Tax Forms

The Purpose of Tax Forms

Taxes are the main source of funding for all forms of government. Both local governments and the federal government institute numerous taxes on the citizens of the United States to help fund current expenditures and public services. The programs or services funded through taxation include: education, police enforcement, federal agencies, federal programs, the construction of roads and public transportation, and numerous other public goods. 
The tax-collection system, because of the breadth and specificity of it, is highly organized through tax forms. IRS tax forms initiate the levy for income, wages, capital gains, capital losses, and seemingly anything that changes an individual’s income. Federal law requires citizens to fill out all necessary federal tax forms; failure to fulfill this requirement will result in a heft penalty and criminal charges.
The Internal Revenue Service is the leading federal agency responsible for the levy of all federal taxes. Considering there are over 300 million people in the United States, the system to collect these taxes must be efficient and streamlined. To initiate the levy, the IRS distributes federal tax forms to all Upload a Videocitizens that qualify for the tax. 
IRS tax forms are used by tax-exempt organizations, corporations, and taxpayers to report all appropriate financial information to the Internal Revenue Service. Federal tax forms are the vehicle used to initiate and organize the federal tax levy. As a result of the varying levies, IRS tax forms differentiate in regards to the specific tax collected. 
That being said, the best-known and most crucial federal tax forms are the Form 1040, which is for individual income tax. Federal tax forms are the essential documents used to report income and calculate taxes that are to be paid to the federal government.

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