Most Commonly Used Tax Forms to File Returns
If you look in the website of Internal Revenue Service for the tax forms to file returns you will get a list of around 200 forms. Finding the right form to file the tax is really confusing. Each form is used for specific purposes. All of them are not used frequently. Some of the most commonly used forms are 1040EZ, 1040A, 1040X, 8829, 1099MISC, W4 and 4868.
Form 1040EZ is the easiest form to fill. Individual taxpayers, single or the married ones who are filing joint returns, can use this form if you are under 65 years of age and if your income is not complicated. They should not have any dependents. The annual income should not be more than $100,000. This form doesn’t have any deductions. If you want any itemized deductions 1040A has to be used. 1040A could be used if you have received benefits for dependent care. 1040X is used to adjust and make changes in the returns that have already been submitted to IRS.
Form 8829 is used if you use part of your home as office. From your business income you could deduct home expenses like utilities, taxes, insurance etc. To make you eligible for this deduction, your home must be regularly used as office. 1099 MISC forms are used by self employed personnel especially sole proprietors to report the income from the services extended to other business. The other business sends you this form and another to IRS. Form 1099 MISC and W2 are received by IRS from the source also. This income has to be entered in the Schedule C of your tax return. If the amount in schedule C and 1099MISC doesn’t tally, you will have to explain to IRS. If you haven’t entered the income in schedule C while filing the return, 1099MISC should be send along with 1040X. If this is filed after the deadline, penalty will be imposed.
If you find that it is not be possible to file the tax return before the 15th of April, which is the deadline to file tax returns, you could request for an extension of deadline. The form used for this purpose is tax form 4868. The extension is only for filing the returns and not for the tax. Interests and penalties for late payment of taxes will be incurred even if the deadline to file returns is extended.
Choosing the right document will make your tax filing a bit easier.