Tax Return Forms

According to federal laws governing taxation, any person receiving an income in one form or the other, has to pay income taxes to the government every year. But, the job of preparing tax returns, the calculations and all the tax forms involved, represent one of the harrowing experiences being an honest tax payer. To add insult to injuries, the complexity of calculations will increase with a higher income. That is, more the income, more complex will be associated tax computations and also the number of tax forms involved. This article focuses on the last of the facts mentioned, the tax forms, especially 1040ez (Income Tax Return for Single and Joint Filers With No Dependents), 1040a (Schedule A, U.S. Individual Income Tax Return), and 1040 (U.S. Individual Income Tax Return).

The first step in the run-up to tax return submission is selecting the right form.  The most basic tax form is the 1040 form – also form 1040ez and form 1040a – which has to be properly filled by any person filing tax returns in any case.  It is meant for all types of income, over $100,000 per year, and also for itemizing deductions when not opting for standard deductions.  1040ez, again a basic tax form, on the other hand is meant for people who are single or when married, jointly.  The conditions governing the 1040ez form are, the tax payees cannot have any dependents, not blind, age less than 65, and have an annual earned income (taxable) less than $100,000 with an earned interest not more than $1,500, and have non-itemized tax deductions.  Lastly, the 1040a form is for those people who have an income less than $100,000 annually, but with itemized deductions. 

The stickiest part with tax preparation, as a matter of fact, is the right choice of the tax forms.  Boy!  This can get really confusing!  To make matters worse, most people will start thinking about tax returns only in the 11th hour, in spite of all the warnings and ads by the tax department.  Some even end up having to pay the fine for delayed tax returns.  But, none of these last minute heroic acts is ever going to give any respite to the person as far as the ordeal waiting for them is concerned, if not compounding it further.  Here, one simply cannot afford to go wrong when choosing a tax form and filling it.  An error anywhere – in the kind of form (1040ez or 1040a or 1040) or the data incorporated - could create other complications such as an unprecedented delay in tax refunds or even a fresh request to pay the income taxes from the tax department to clear the confusion. 

That's why when given that such possibilities, it is recommended that if anyone is confused about the tax forms to use or with tax calculations, don’t hesitate to consult a tax specialist.  They can help you with the tax calculations and the selection of the right tax form and documents (certainly, they will take a pay for the service).  On a general perspective, however, it is only advantageous to become and remain skilled about taxation’s various dimensions and requirements.  A professional can expand the much needed help, but it is always on a safer side for the individual himself/herself to have knowledge of at least the basic regulations about taxation.  We should not take the whole thing for granted! 

Another plus about getting sufficient knowledge about the different dimensions of tax preparation and the tax forms - 1040ez, 1040a, or 1040 – is that then one can easily and safely shift to using tax preparation software which can be easily available on the internet to complete the formalities.  These tax preparation programs are accurate, easy and simple to use since all you need to do is to first download the tax preparation software to your computer, and then provide the figures the software asks of you.  However, it is really essential that the right figures be input into the program always so that there are no errors that might arise in the 1040a, 1040ez, or 1040 forms, when all the calculations are finished. 

Other tax forms include: 1040ES (Estimated Tax for Individuals), 1040 Schedule B (Interest and Ordinary Dividends), 1040 Schedule C (Profit or Loss From Business), 1040 Schedule D (Capital Gains and Losses), 1040 Schedule M (Making Work Pay Credit), 1040 Schedule SE (Self-Employment Tax), 1040-X (Amended U.S. Individual Income Tax Return), W-9 (Request for Tax Payer identification Number and Certification) 941 (Employer’s Quarterly Federal Tax Return), 4868 (Application for Automatic Extension of Time To File U.S. Individual Income Tax Return), 8863 (Education Credits), 8917 (Tuition and Fees Deduction), 1099-MISC, W-2 and W-4 among others. 

One can get the tax forms from the IRS or public library.  Many of them are easily available for download from the IRS website. 

Always make sure that you fill out the form properly and include all the required documents before you submit it to the authorities.  Make sure your signature is on it and also the social security number without any mistakes.  The wrong social security number could lead to a lot of difficulties, both for the tax payer and the tax authorities.