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Tax Forms and Publications |
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- 1040 – U.S. Individual Income Tax Return - The big daddy of all tax forms. Comes in many varieties; 1040-EZ, 1040-A, 1040-NR and regular 1040. File every year if you meet gross income requirements. Do not file and you may go to jail. Can’t pay; no problem. IRS will work out payment plan, forgive your debt or suspend collection indefinitely. What’s not to like about those choices?
- 1040 – Schedules A & B - Schedule A is the precious itemized deduction form. Lots of cheating goes on here. Penalties and interest will be added for aggressive and creative tax filers. Major itemized deductions are medical expenses, home mortgage interest, state income and local real estate taxes, charitable donations and lots and lots of miscellaneous deductions.
Schedule B is for you to list interest and dividend income received. Usually reported to you on 1099-INT or 1099-DIV. Look for qualified dividends as they are taxed at the low rate of 15%.
1040 – Schedule C - Profit or loss from Sole Proprietorship. Use this form to report income and business expenses. Don’t forget about the office in the home form 8829. You might also need Form 4562- Depreciation and 1040 SE Self Employment tax. Use Form 2106 to report business use of an automobile.- 1040 – Schedule D - Capital Gains & Losses. Report sales of stock, real estate, coins or any property you own and sell for a profit.
- 1040- Schedule E - Supplemental Income & Loss. Report rental property income and expenses here. Also use Form 4562 to report depreciation of rental property. Schedule E is also used to report income from Partnerships, S-Corporations and Trusts.
- 1040 ES - Estimated tax forms for individuals who receive income that does not have tax taken out like interest, rents, dividends, social security, retirement income and self-employment income. Send these coupons quarterly with a check or you will be penalized for not paying as you receive your income.
- 1040 SE Self Employment Tax - Used in conjunction with 1040 Schedule C.. Self employed taxpayers use this form to pay 15.3% on their self employment income for social security and Medicare taxes.
Helpful Publications
1040 Instruction Booklet - 85 Pages of helpful, easy to follow, line by line instructions for preparing your personal income tax return. Would you believe this booklet even offers tax saving tips? Check out the 1040 Instructions booklet.
Publication 17 Your Federal Income Tax - Enhanced 1040 Instruction Booklet, 296 pages
Publication 334 Tax Guide for Small Businesses - 54 Pages for filers who use 1040 Schedule C.
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