It’s tax season, and you are ready to prepare your federal income tax forms. But, which ones should you use and how can you go about completing them?
The first thing you need to do is make sure that you need to file a federal income tax. Many things come into consideration. Fortunately, the IRS can guide you through the process of making this determination.
Simply go online to the IRS web site, and select the Individuals tab. You will then see an option called, “Do You Need to File a Federal Income Tax Return?” If your answer is yes to any of the questions, you will more than likely need to do so.
Next, you will need to complete the appropriate tax forms and send them in to complete your filing. Here’s where things get a bit complicated.
If you are looking for the simplest path, use an online service like TurboTax, as it will help you determine which forms to use as part of its process. Another option is to make an appointment with H&R Block, and have a professional complete the forms with you.
However, if you want to get electronic files of the forms, or hard copies, you will need to determine which ones to use. The best resource is the IRS website.
There is an entire section on forms, as well as contact information in the event you have more questions. When you look at the forms section, you will see that the most commonly used ones are listed.
There is also a very helpful section on the IRS website that provides links and descriptions of all of the form. Some examples of some of the forms include the following:
* Form 1040 – This form is a really common one, as it is for individuals filing their returns.
* Form 1040 (Schedule A&B) – This form is where you file your itemized deductions and interest.* Form 1040-EZ – This form is for individuals or joint filers who have no dependents.
* Form 1040-NR – Use this form of you are a non-residential alien in the United States.
* Form 1040-ES – This form is used for individuals to calculate and file estimated taxes for 2009 on income that is not subject to withholdings. Those who are self-employed and meet certain criteria would need to complete this form. Note that there are many more details provided on the actual form.
As there are so many forms available and filing taxes can be complex, you may benefit greatly by having an accountant or other professional guide you through the process the first time you do your taxes.
If your taxes are straightforward, though, then you should be able to use the Form 1040. Another great option, as previously mentioned, is TurboTax.
As figuring out which forms to use and completing them properly can take a bit of time, it is wise not to wait until the last minute to attend to this tax. And, when in doubt, contact a professional and ask questions, as you want to file correctly to avoid possible future problems.