September 4, 2009, Newsletter Issue #183: IRS Tax Forms

Tip of the Week

An IRS tax form is specifically used to report and pay taxes to the IRS. They are different from IRS forms since the tax forms contain actual information (figures) in dollar form. The figures on your IRS tax forms, therefore, are eventually transferred over to your IRS tax return. This usually happens at the end of your form where it states, ‘Enter on Line __ of Form 1040, 1040A, or 1040EZ’. There are, of course, a multitude of tax forms available for taxpayers to use for the 2006 tax year. Ranging from business related to individual related, there is something for every need as it relates to taxation.

The most popular IRS tax form are the 1040 series. The IRS Form 1040 is the tax form used for individual taxpayers reporting their annual income and expenses to the IRS. Depending upon your situation, you may use a variation of 1040 such as 1040A, or Form 1040EZ. Those are the three most frequently used and requested IRS tax forms year after year.

Other frequently requested tax forms include:

Schedule C – for self employed individuals/business owners

1040Tax Rate Tables (used to calculate amount of income taxes due)

W-3 – Transmittal of Wage and Tax Statements. This is considered the cover letter for the batch of W-2 you will be sending the IRS if you have a lot of employees. It contains the total amount of taxes due, total withheld for federal taxes, social security, medicare, your name, address, and federal identification number.

1041-Estate and Taxes. You will use this IRS tax form for reporting your estate transactions, of course.

Form 990 – Nonprofit Organizations. Nonprofits use this form to report transactions that affect them throughout the 2006 year.

Form 2441 – Child and Dependent Care Expenses. Of course, this is the IRS tax form you will use to claim any child and dependent care expenses that apply to you.

Schedule EIC – Earned Income Credit. Use this form to claim the amount as your Earned Income Credit.

Schedule R – Credit for the Elderly or the Disabled. If you have any dependents who are elderly and/or disabled, you will use this IRS tax form to claim the amount.

Schedule H – Household Employment Taxes. If you employed anyone to take care of your household activities, use this form.

These are just a few of the most requested IRS 2006 tax form.

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