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The United States Internal Revenue Service requires that individuals file tax forms for various different types of economic activity. These forms can be printed out and filed as paper forms or filed online, using the IRS e-File option and FreeFile software. Below are listed some of the most important tax forms for individuals.

U.S. Individual Income Tax Return (Form 1040 series): If you are a United States citizen or have earned income in the United States, you need to file Form 1040, 1040A or 1040EZ. Form 1040, depending on your individual circumstances, must be accompanied by various “schedules” (A through SE) detailing specific types of tax deduction. Non-resident aliens earning United States income file 1040NR or 1040NR-EZ.

Form 1040: Use … Read more →

 

Rather than simply taxing your gross income, the Internal Revenue Service collects taxes based on a net taxable income calculated as your income after you have subtracted a surprisingly large variety of exemptions and deductions. The benefits to taking advantage of deductions are twofold: first, they reduce the amount of income on which you are taxed and second, your deductions may result in your ending up in a lower tax bracket, reducing your tax rate (the percentage of your income that you pay in taxes).

In practical terms, this means that if you were a single person with a gross income (wages, tips, interest income, etc.) of $100,000, and you used no deductions or exemptions at all, you would … Read more →

The soothsayer famously warned William Shakespeare’s Julius Caesar to “Beware the Ides (fifteenth day) of March.”

Most United States taxpayers, though, fear the Ides of April, the day on which annual tax returns are due. For businesses, there are several other important tax dates as well.

 

Weekends

If a tax date falls on a weekend in a given year, it is moved to the next business day.

Recurring Monthly Dates

Employees should report to employers tip income over $20 for a month by the eleventh of the following month. Payroll taxes are deposited according to either monthly or semi-weekly rules. Monthly deposits are due on the 15th day of each month and semi-weekly ones every Wednesday and Friday. On … Read more →

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