As a professional, you may be familiar with the complexities of filing taxes with the IRS. Knowing the right forms to fill out and when can be a daunting task if you don't know where to start. In this article, we will cover the 10 different types of IRS forms that a professional may need to file, so you can make sure your taxes are done accurately and on time.
Types of IRS Forms
There are many different types of IRS forms that a professional may need to file. The most common form is the 1040, which is used for individual taxpayers. Other common forms include the 1065 (for partnerships), the 1120 (for corporations), and the 990 (for nonprofits).
The 1040 is the most common form used by individual taxpayers. It is used to report income, calculate taxes owed, and claim refunds.
The 1065 is a form used by partnerships to report their income and calculate their taxes owed.
The 1120 is a form used by corporations to report their income and calculate their taxes owed.
The 990 is a form used by nonprofits to report their income and calculate their taxes owed.
The W-2 is a form used by employers to report employees' wages and withholdings.
The 1099 is a form used by independent contractors to report their income.
The 1098 is a form used by mortgage lenders to report mortgage interest paid.
The 4868 is an application for an automatic extension of time to file taxes.
The 8379 is a form used to claim an injured spouse allocation.
The 8863 is a form used to claim education credits.
The 8812 is a form used to claim additional child tax credits.
The 8822 is a form used to change an individual's address or name.
The 5329 is a form used to report additional taxes due on certain types of transactions.
Who Should File Which Type of IRS Form?
If you are an individual who is employed and receiving a W-2, you will need to file a Form 1040. If you are self-employed, you will need to file a Form 1040 and Schedule C. If you are a business owner, you will need to file a Form 1120 or 1120S. A professional tax preparer can help you determine which form is best for your situation.
When is the Deadline for Filing IRS Forms?
The deadline for filing IRS forms is April 15th. This is the same deadline for filing your federal income tax return. If you file your taxes after this date, you may be subject to late fees and interest charges.
What Happens if You Fail To File?
If you don't file your tax return or request an extension by the April deadline, you may be subject to a late filing penalty. The penalty is 5% of the unpaid taxes for each month or part of a month that a return is late. If your return is more than 60 days late, the minimum penalty is $205 or 100% of the unpaid tax, whichever is less. You may also be charged interest on any unpaid taxes.
Guidelines For Filing IRS Forms
There are a few different types of IRS forms that a professional may need to file. Here are some guidelines for each form:
IRS Form 1040: This is the most common form and is used for individual taxpayers.
IRS Form 1065: This form is used for partnerships.
IRS Form 1120: This form is used for corporations.
IRS Form 990: This form is used for tax-exempt organizations.
We hope this article has highlighted the 10 different types of IRS forms that a professional may need to file. It is important to take your time and understand each form before filing, as mistakes can result in penalties from the IRS or other government agencies. If you have any questions about filing, it’s best to speak with experienced tax professionals who can provide guidance and help ensure accuracy when filing all necessary paperwork.