IRS Tax Forms - Make Sure You Use The Correct Ones

IRS Tax forms are used to file returns with the Internal Revenue Service. There are a number of forms available for various purposes. The forms required to file the return may differ depending on whether you are an individual, self- employed, business concern or a corporation. If you are filing your returns through a CPA, Accountant or Tax Attorney, they will know which one of the IRS tax forms to use and for what purpose. But if you are filing your returns yourself you should be acquainted with at least some of the IRS tax forms to do the filing correctly.

Document number 1040 is used to file returns for individual income. You could be single or married; if married, you could be filing the returns jointly or separately; you may be above 65years; you may be the head of the family or you could be a widow with a dependent child; you could be a resident American or an American living abroad- Whatever your status is, you will have to use IRS Tax form 1040 if your income is from one source.

Depending on your status you are entitled to certain tax exemptions and the income limit to pay taxes may also vary. If you are eligible for tax deductions, IRS Tax Form 1040A should be used to make itemized deductions.

If you are unable to file your return before the stipulated deadline, you may get automatic extension of date by 6months for filing the returns. For this purpose, you will have to submit document number 4868. The extension is for filing the return only and not for paying the taxes. You are required to pay the penalties and interest for late payment of tax if you don't pay the tax by April 15th of every year.

By chance, if you have entered wrong information while filing returns or you omitted certain income, you can always amend the return already filed. For this you have to file Form 1040X. Other documents that support the income to be entered has to be submitted along with form 1040X. This form cannot be filed online and the paper form has to be used.

There are about 200 IRS tax forms available. Every year some or the other changes are brought about in the tax rules and accordingly the details to be filled in may also vary. You must check whether any changes are there in the rules before filing the returns. You could get the information from the IRS website.