Forms

Forms

Know the main forms of the IRS with their functions

FORM 1040

Form 1040 consists of two full pages. (79 lines in total) not counting attachments.

Form 1040 (officially, the «U.S. Individual Income Tax Return») is one of three IRS tax forms (see variants section for explanations of each) used for personal (individual) federal income tax returns filed with the Internal Revenue Service (IRS) by United States residents for tax purposes.

Income tax returns for individual calendar year taxpayers are due by Tax Day, which is usually April 15 of the next year, except when April 15 falls on a Saturday, Sunday, or a legal holiday. In those circumstances, the returns are due on the next business day.

FORM 1099-MISC

The form is issued by the payer and is due to the recipient by January 31 and to the IRS by the last day of February 6 each year for work done during the previous tax year.

In the United States, Form 1099-MISC is a variant of Form 1099 used to report miscellaneous income.

One notable use of Form 1099-MISC is to report amounts paid by a business (including nonprofits to a non-corporate US resident independent contractor for services (in IRS terminology, such payments are nonemployee compensation).

The ubiquity of the form has also led to use of the phrase «1099 workers» or «the 1099 economy» to refer to the independent contractors themselves.

FORM 1099-MISC

An employer must mail out the Form W-2 to employees on or before January 3.

Income Tax

Form W-2 (officially, the «Wage and Tax Statement») is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them.[1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.

SCHEDULE C

The Form Schedule C Profit or Loss From Business.

Schedule C has five parts. In Part I, you list all the income of your business and calculate your gross profit. In Part II, you subtract all your business expenses and calculate your net profit or net loss. This is the figure you report on your income tax return. You only need to complete Parts III through V if your business requires you to purchase inventory, you need to claim deductions for car expenses or if you have any other expense not listed in Part II.

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