As a US citizen, it is that time of the year again when you have to file your tax returns. As a taxpayer, it is always better to organize tax documents early so you can receive your tax refunds early. But as an individual, you need tax forms, also known as information returns, to file your returns. Internal Revenue Service (IRS) announced January 23, 2023, as the official starting date for filing tax returns.
What are those US tax forms, and when you should expect them.
Form 1040
Form 1040 is an individual income tax return form to file federal income tax returns. Form 1040 calculates taxable income and how much tax is to be paid or likely to be refunded by Internal Revenue Service (IRS).
As an individual filer, you can download form 1040, and the deadline to submit 2022 tax returns is April 18, 2023.
W-2 form
If you are an employee at some company or organization, then your employer sends you a W-2 form which contains information on how much you earned last year and how much tax deductions were made against your earnings.
You should expect W-2 form from your employer by January 31.
Form 1099
As an individual or business, you may have other sources of income, or passive income, such as dividends, interest, or capital gains, which are not covered in W-2 forms. Individuals and businesses that pay out this type of income must provide a Form 1099 to the recipient and file a copy with the IRS.
You should expect to receive Form 1099 from your payer in early February.
W-4 form
W-4 form, “Employee Withholding Certificate,” calculates the amount of taxes to be withheld from an individual’s paycheck. Employees must fill out a W-4 form when they start a new job and can change it whenever they want.
Form 1040-ES
Form 1040-ES is used to pay estimated tax. Estimated tax is paid on the income, which is not subject to withholdings—for example, earnings from self-employment, dividends, interest, rents, alimony, etc.
The due dates to file tax using form 1040-ES are April 15, June 15, September 15 of the current year 2023, and January 15 of the following year.
Form 941
Form 941 is used by employers to report their quarterly payroll taxes to the IRS. It calculates and reports the wages paid to employees and the taxes withheld from their paychecks.
Schedule SE
Self-employed individuals use the Schedule SE form to calculate and report their self-employment tax on their Form 1040.
Form 9465
Although Form 9465 is not used to file any returns, it is also important if you cannot pay the full amount on your tax return that the IRS sent you. Form 9465 is an Installment Agreement Request form which you can make using this form to request a monthly installment plan if you cannot pay the total amount.
Conclusion
If you are filing returns for this year, it is advised to have any supporting documents that may benefit you in tax deductions, and tax credits. Always remember that you do not pay any taxes on charitable donations. And do remember to go through your last year’s tax returns, so it will be helpful in filing tax returns this year!
