IRS Tax Form

The form 1040 is an individual tax return of the United States government. It is one of the three forms used for personal income tax returns filled with IRS. The other forms in this category are the 1040A and the 1040EZ. The Form 1040 has undergone several changes and conversions over the years from its introduction. It is important to note that the income tax returns are due by April 15 of the next year for individual calendar year except when the date falls on Saturday and, Sunday or any legal holiday. In those cases, the returns are due on the next business day. The forms consist of two pages with the first page collecting information about tax payers, income, dependents and adjustments to income. In the second page, the calculation of allowable deduction and credits and tax due given the figure of the income is calculated.

The form 941 is geared towards businesses or employers who withhold social security tax, income taxes or Medicare tax from employee paychecks or in cases where the employer pays a part of the social security or Medicare tax of the employee. The form 941 will report the wages you have paid, the tips your employee has received, it will also report the federal income tax you have withheld. In addition, the Form 941 will also report the share of social security and Medicare taxes for both the employer and the employee, the additional Medicare taxes withheld from the employee and other important reports. It is also important to state that current quarter adjustments to social security and Medicare taxes for fractions of cents, sick pay, group time life insurance and tips are also reported using the form 941. Note that the form 941 cannot be used to report backup withholding tax or non payroll payments such as pension or gambling winnings.

The IRS Form W-9 is used to request for tax payer certification and identification number. This form is important in the IRS tax forms and it serves two purposes. The first purpose of this form is that it is used by third parties to collect identifying information of a tax payer. It is important to state here that this form is actually not sent to the IRS, however, the form is maintained by the person who files the information return used for the purpose of verification. Note that the information on the W-9 is reported on the Form 1099 together with the payment made. The second important purpose of this form is to help the payee avoid the situation of back up withholding. The IRS expects that the payer to obtain withholding taxes on certain payments on their behalf and this helps in the facilitation of such payments.

The Form W-4 is the IRS document which is used for determining the amount of withholding tax to deduct from the employee’s wages by the employers. Note that this form is actually not sent to the IRS but it is retained by the employer. It is important to note that tax withholding is dependent on the employee’s personal situation and should be equal to the annual tax that is due on the Form 1040. An employee will calculate the number of Form W-4 allowances that he or she could claim based on their expected tax filling situation for the year when filling out the Form W-4. The form is a two page form with the first page being the personal allowances worksheet and the second being the deductions and adjustments worksheet. It has two tables on the form which serves as a guide to the person filling out the form containing different scenarios.

The Form 940 is the IRS document that is used to report the annual federal unemployment federal tax act which is known as the FUTA tax. Together with the state unemployment tax systems, the FUTA tax helps in providing funds in order to pay unemployment compensation to workers who have lost their jobs. Note that most employers pay both federal and state unemployment tax. It is important to state that the category of people who must fill the Form 940 are employers who pay wages of $1500 or more to employees in any calendar quarter during either 2013 or 2014 or employers who have one or more employees in some hours of the day in any of 20 weeks in 2013 or 2014. Also note that the due date of filling out the Form 940 for the year is 2nd February of the following year and where you file depends on whether you include a payment with your return.

The IRS tax form which is used to figure the amount of a premium tax credit (PTC) and reconcile it with any advance payment of premium tax credit (APTC) is the Form 8962. It is important to note that the premium tax credit is a tax credit for a certain people who enrolls or whose family members enrolls in a qualified health plan offered through a marketplace. You must now file the Form 8962 to compute and take the premium tax credit on your tax return. Note that the advanced payment of the premium tax credit (APTC) is a payment made for the coverage during the year to your insurance provider that is responsible for paying all the premiums covering you or any individual in your tax family. The Form 8962 is a two page form grouped into 5 parts covering annual and monthly contributions amount, premium tax credit claims, repayment of excess advanced payment and shared policy allocations.

The Form 2848 is the power of attorney and declaration of representative form of the IRS. It is used to authorize an individual to represent you before the IRS. The form is a two page document which is grouped into two parts. The first part talks about the tax payer’s information where information of individuals, corporations, partnerships or associations is captured. The captured information includes the social security number, individual taxpayer identification number or the employer identification number if applicable, the street address and your post office address. The part also records information of your representatives. The full names and address of your representatives must be recorded. It is important to note that a representative must be an individual who is eligible to practice before the IRS. The part two of the Form 2848 is the declaration of the representatives which must be completely signed and dated else the IRS will not return the power of attorney.

The Form 2553 is grouped under the business forms in the IRS forms. It is known as the election by a small business corporation. An entity or a corporation eligible to be treated as a corporation file this form file this form to make an election under section 1362 to be an S corporation. The Form 2553 is a four page document with four parts. Part 1 includes the name and address of the corporation as stated in the corporate charter of the legal document that is creating it. Other filling information includes the employer identification number and the effective date of the election. It is important to note that even if the corporation does not have an employer identification number, it is compulsory that the corporation must apply for one. However, in any circumstance that the employer has not received its employer identification number by the time the return is due; the employer can enter “Applied for” in the employer identification column.

The Form 2290 is the heavy highway vehicle use tax return which is used to figure and pay the tax that is due on heavy highway vehicles and also report other heavy highway vehicle information. Other uses of the Form 2290 are to claim suspension from the tax when a vehicle is expected to be used just 5,000 miles or less during the period, claim a credit for tax paid on vehicles that were sold, destroyed, stolen or used 5,000 miles or below, report the acquisition of a used taxable vehicle where the tax has been suspended. The Form 2290 is an eight page form grouped into two parts with a page intentionally left blank and a payment voucher all part of the form. The payment voucher is detachable from the form and it is labeled as form 2290-V which is payable to the United States treasury.

The form SS-4 is the form for the application of the employer identification number EIN. The employer uses this form to apply for the employer identification number. The SS-4 form is a three page document of the IRS forms which captures all the information required to apply and obtain the employer identification number. The first page is made up of set of instructions to the employer on certain conditions. These instructions include change to domestic employer identification number (EIN) assignment by toll free phones and change to where to file address and fax TIN number. These instructions capture the change on the revised versions of the earlier employer identification number application form. The second and third page of the form is the SS-$ application form proper. It is important to state that whoever is filling the form should read through it carefully in order to avoid making mistakes as any mistake will cause delay in issuing the employer identification number.

The Form 1099-MISC is also an IRS form for employers or businesses. Employers use the form to file for each person they have paid various income during the year. This form is part of the Form 1099 series of forms that are used to report other types of wages, salary and tips. It is known as the miscellaneous income form. Other situations where the Form 1099-MISC is used are when minimum of $10 in royalties paid during the year by the employer or broker payment in lieu of tax exempt interest or dividends. You can also file the Form 1099-MISC, miscellaneous income for each person you have paid $600 during the year in rent, service performed by someone who is not your employee, prizes and awards, other income payments, crop insurance proceeds, medical and health care payments. The provisions of all these miscellaneous income are well specified on the form.

The form W-2 is a wage and tax statement form of the IRS. Employers must file this form for each and every employee from which the income, Medicare tax or social security was withheld. In fact, in a simple term, the W-2 form is used to report the wages that is paid to employees and the taxes that are withheld from them. It is important to note that the employer is required to mail the Form W-2 to the employees on or before the 31st of January. This obligation is a must for the employer and the deadline gives the taxpayers not less than two months in which they will have to prepare their returns before the 15th of April when the due date of the income tax is reached. Another important use of this form is to report the FICA taxes to the social security administration.

This is an IRS tax form for individuals. It is the amended US individual income tax return. The form is used to correct forms 1040, 1040EZ, 1040A, 1040NR, 1040NR-EZ by changing amount previously adjusted by the IRS. It can also be used to make a claim of a carry back due to an unused credit or a loss although you may still be able to use the Form 1045 instead of the Form 1040X. New adjustments have been made on the form 1040X. For example, if you have moved since you first filled your return originally, you can enter your current address on form 1040X. Also, tax has been expanded to allow for the use of the multiple methods to figure out tax liability. Full year coverage status, health care individual responsibility, premium tax credit and making work pay credit have all been added in the form 1040X.

The form 9465 is the installment agreement request of the IRS tax form. This form is used to request a monthly installment plan in cases where you cannot pay the full amount of money owed as shown on your tax return. In addition to the above, the Form 9465 can be used by individuals who owe income tax on Form 1040, who may be responsible for a trust form penalty or who may owe employment taxes which relates to a sole proprietor business no longer in existence. It is important to state here that you cannot use the Form 9465 if you have the capacity to pay the amount you owe within 120 days or in cases where you want to request an online payment agreement. The form 9465 is a two page form comprising of two parts namely part I and part II. It is advisable to read the instruction properly before filling out the form.

The Form 1040-ES is in the category of individual tax forms. It is known as the estimated tax for individuals. The form is used to figure and pay your estimated tax on income which is not subjected to withholding. It is important to clarify here that estimated tax is a type of tax method used to pay tax on non withholding income like the earnings obtained from dividends, interest, self employment, alimony, rents and many other non withholding income. Also, if you do not choose voluntary withholding, you should be able to make an estimated tax payment on the other taxable income like the unemployment compensation and the taxable part of the social security benefits. The Form 1040-ES is a complete document which contains tax rate schedules, estimated tax worksheets, record of estimated tax payment and estimated tax payment voucher. There is a provision to tear off the payment voucher.