List of the Most Common Federal IRS Tax Forms

irs tax forms pileEach year we receive or fill out lots of tax forms, and each of these forms has a specific purpose.

Below, I’ll outline and highlight some of the most common forms. You can find more detailed information by clicking on the form’s name.

Form 1040

The most important of them all, the Form 1040 is the basic form on which you file your personal income taxes. There are many additional forms which you use to calculate specific items to put on specific lines on the main Form 1040, but you can’t file your taxes without this form. It comes in multiple flavors such as 1040EZ, 1040A, and 1040X. There are also more than a dozen Schedules (different parts to the Form), each to help you calculate the tax impact of different activities.

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What is a 1099 IRS Tax Form – 1099-INT, 1099-R, SSA-1099 Variants

In an effort to help make filing taxes easier this year, we are breaking down the various IRS tax forms to help you know if you need them, and how to use them.

1099 tax forms stack computerIRS form 1099 covers many different kinds of income other than wages, salaries, and tips. Since you don’t have to submit copies of 1099s with your 1040 form when you file on paper, you generally only receive one or two drafts of this form.

While there are nearly two dozen variations on form 1099, the most common ones are 1099-INT, 1099-R, and SSA-1099. Another version you’ll see often is the 1099-MISC, which businesses use for payments that don’t fall under the other 1099 categories.

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IRS Federal Tax Form 1040 – Types, Schedules & Instructions

1040 form pencilThe 1040 tax form was introduced in 1913, and its basic setup has remained essentially the same over the past century. The 1040 conveniently collects all of your income, credits, and deductions in one place. In fact, while there are dozens of other forms and schedules that you can use for additional calculations (such as Form 8863 for education credits or Schedule A for itemized deductions), each final number from all these forms is tallied on your 1040.

1040 Form Types

The 1040 comes in several different varieties:

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  • The regular 1040 is sometimes called the “long form” because, at two pages, it is the most lengthy.

W-4 Withholding Tax Form – Instructions for Claiming Exemptions & Allowances

In an effort to help make filing taxes easier this year, we are breaking down the various IRS tax forms to help you know if you need them, and how to use them.

w-4 tax formEach time you begin a new job, one of the forms you’ll be asked to fill out is a Form W-4. This form helps your employer determine how much to withhold from your paycheck in taxes, based on the number of exemptions you claim on your tax return.

While this method is not very precise, it is fairly flexible, as you can adjust the number of exemptions you put down (i.e. adjust federal income tax withholding allowances).

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W-2 Form – IRS Tax Form Filing Instructions Online

In an effort to help make filing taxes easier this year, we are breaking down the various IRS tax forms to help you know if you need them, and how to use them.

w2 form penIf you were working as an employee and were paid during the year, you should receive a W-2 from the company you worked for, postmarked by January 31st. It will show information on all compensation you received during the calendar year, even if the actual time you worked was in the year before, or your company uses a different fiscal year.

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IRS Tax Audit Help – Types, Procedure and Audit Red Flags to Avoid

tax audit afraid manThe IRS is often portrayed as a scary group of calculator-wielding mercenaries who are just out to get more money out of you, but in truth you only have something to fear if you’ve intentionally falsified your taxes or are guilty of tax evasion fraud.

Nevertheless, you may still be audited during your lifetime, either as part of a randomly selected group, or because you have certain red flags in your return. The IRS generally has up to three years after you file or the due date (whichever is later) to audit your return, but it can audit up to six years in some cases. If you file a fraudulent return or don’t file at all, there is no statute of limitations on when the IRS can audit you.

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4 Different Types of Taxes and How To Minimize Them

pay taxes piggy banksAlthough your personal income tax filing is probably foremost in your mind right now, the government taxes us in a number of different ways.

This is actually helpful for you because it gives you multiple opportunities to find ways to reduce your tax burden, while spreading out the impact of taxes.

Want to learn more? Here are the four types of taxes we’re all subject to, and tips on how to minimize their impact.

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The Child and Dependent Care Tax Credit – Federal Tax Deductions for Child Care Expenses

childcare expenses paintingFinding the right person or company to care for your child or disabled spouse is difficult, and paying for it can become very expensive.

Fortunately, you can get a break on these expenses by filing for the child and dependent care tax credit.

And depending on your income and how many people need care, you can get up to a $2,100 credit. Below is more information regarding the credit, including who qualifies as someone who needs care, what kind of expenses count, and who can claim the tax break.

Who Qualifies as a Person Who Needs Care?

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11 Common Tax Filing Mistakes & Errors and How to Correct Them

tax filing mistakes errorsIf you’re in a hurry to get your tax refund faster (and who isn’t?), make sure your tax return won’t be delayed by common mistakes.

There are a handful of common errors that the IRS regularly deals with.  These mistakes signal an immediate red flag and cause your refund to be delayed by weeks or months as the IRS tries to sort things out or asks you to re-file.

Especially if you file on paper, make sure to double-check these easily overlooked items.

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Making Work Pay Tax Credit Eligibility & Qualifications Explained

making work pay tax credit

First introduced in 2009, the Making Work Pay tax credit was available for two years – 2009 and 2010. With this credit, you were able to receive a bonus of up to $400 (or $800 if you filed as married filing jointly) just for working.

However, this tax credit was not renewed by Congress following 2010, and is not available for tax years 2011 and later.

How the Making Work Pay Tax Credit Is Calculated

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