IRS tax forms are the forms which are used by the taxpayers and tax-exempt institutes to account economic information to the Internal Revenue Service (IRS) of the United States. They are used to report earnings, work out taxes to be paid to the federal government of the United States, and reveal extra information as essential to the Internal Revenue Code (IRC). There are over 800 different forms and schedule but the most familiar and frequently used form by the taxpayers is Form 1040.
Tax Form 1040
Majority of the U.S. taxpayers use the Form1040 to file their Income Tax Return. The foremost Form 1040 was available for use for the tax years 1913, 1914, and 1915. Later on, the Form 1040 was renewed i.e. updated every year with the new tax year printed on the form. In the beginning, the IRS uses to mail tax booklets (Form 1040, instructions, and most regular attachments) to all households. As unconventional delivery methods i.e. CPA/Attorneys, Internet forms became famous, the IRS sent a smaller number of packets via mail but later on, this practice was also ceased.
The standard cut-off date to file Income tax returns for individual taxpayers is April 15 of the next year, except when April 15 falls on a Saturday, Sunday, or a legal holiday. In those conditions, the returns are due on the next business day. If you file form 4868, you can get an additional 6 month time to file Form 1040.
Form 1040 consists of two full pages excluding attachments. The first page gathers information or data about the taxpayer(s), dependents, income items, and adjustments to income. The second page calculates the acceptable deductions and credits, tax due given the income figure, and concerns funds which are previously withheld from wages or probable payments made towards the tax liability.
Form 1040 has 14 attachments, called “schedules”, which are required to be filed depending on the taxpayer.
In 2014 there were two additions to Form 1040 due to the accomplishment of the Affordable Care Act – the premium tax credit and the individual mandate. There are over 100 other, particular forms that may be required to be completed along with Schedules and the Form 1040.