Let us take the headache out of business and personal tax return

• Small-Business Quarterly Taxes
• Corporate Returns
• Personal Returns
• State and Local Taxes
• Employment Taxes

• Employment Taxes
• Quarterly Taxes
• Business Advising

• Employment Taxes
• Quarterly Taxes
• Year-End Tax Planning

IRS Form 1040 is the standard federal income tax form people use to report their income, claim tax deductions and credits, and calculate their tax refund or tax bill for the year. There are three schedules that you may or may not have to tack onto it, depending on your tax situation and whether you want to claim certain deductions and credits. There used to be three variations of Form 1040 (the 1040EZ, the 1040A and the "long form" 1040). They covered simple to complex tax situations. 

Schedule A is for itemizing your deductions — property taxes, charitable contributions, mortgage interest, state taxes, medical expenses or a myriad of other tax breaks. Its tax-bill-reducing powers make it one of the single most valuable IRS forms in the stack. 

This form tallies all the taxable interest and dividends over $1,500 that you received during the year. Note the word "taxable." The lower the total, the lower your tax bill, which is one reason tax-advantaged accounts such as IRAs and 401(k)s can be so valuable — they can help cut your taxable income. 

Schedule C is where you report the profits and losses from freelancing, side gigs or contractor work. It’s also where you can deduct expenses related to the growth and development of your business, such as advertising, home office expenses or office supplies.  

If you trade stocks, bonds or other instruments, Schedule D is for you. It’s where you tally your capital gains and losses for the year. If you’re like most investors, some of your investments probably did well, and some probably didn’t. Report both types: Up to $3,000 of your net losses could be deductible ($1,500 for those married and filing separately), and Schedule D is where that mathematical magic happens. You’ll likely need information from other IRS forms called 1099s (see below) to get 

A W-2 is an IRS form your employer sends to you in January or early February. It shows how much your employer paid you during the year, what you contributed to your employer-sponsored retirement plan and the amount of taxes withheld on your behalf. A copy goes to the IRS, so be sure you report this information accurately.

Side note: The W-2 has a cousin called the W-4, which you fill for your employer when you get a new job. If you got a huge refund last year, tweak your W-4 to reduce your how mu

If you have a mortgage, you’ll get a 1098 form in the mail or your inbox. It shows the interest ($600 or more) you paid on your home loan during the year, and that mortgage interest is generally deductible. Students might get a 1098-T, which reports tuition payments they’ve made, or a 1098-E, which reports the interest they’ve paid on their student loans. Student loan interest and tuition payments may also be deductible. 

The 1099 tax form comes in several flavors, but the big five are the 1099-DIV, 1099-INT, 1099-B, 1099-MISC and 1099-NEC. These IRS forms are all records of income you’ve received from a source other than your employer, and whoever sent you one also sent the IRS a copy, so don’t forget to report it on your return. 

In a nutshell, the 1099-DIV reports dividends and distributions from investments; the 1099-INT reports interest you earned on investments; the 1099-B comes from a broker and lists your 

If you filed your return and then realized you made an error, the 1040-X can help. You may need to include copies of your other tax forms when you file it. If you find out you owe more due to your mistake, you can still pay the IRS online. 

File Form 4868 with the IRS by the April deadline — you can even do it online — and you’ll buy yourself a tax extension until October. But be aware that you have to make a good estimate of what you owe the IRS and send in some or all of that amount along with your extension request. 

If the estimated tax payment you send in April is less than what you actually owe, you’ll need to pay interest on the difference. And don’t miss your extended deadline: You could face a late-filing penalty.

• Individuals occupied in trade or business in the United States.
• Representative of a deceased person who should have filed Form 1040-NR.
• Persons representing an estate or a trust must file 1040-NR.

This form calculates and pays estimated taxes quarterly. The estimated tax applies to income that is not withheld, including self-employment income, interest, dividends, and rental income. It can also include unemployment compensation, retirement income, and the taxable portion of social security benefits. 

This is the return that accompanies the taxpayer’s payment for any balance on the “amount you owe” line of 1040 or 1040-NR. 

If filler mistakes or forgets to include information on a 1040 form, the 1040X form is used to make changes to formerly filed 1040 forms. 

The IRS initiated a new form 1040 for seniors in 2019. Changes include larger fonts, no shading (shaded sections can be challenging to read), and standard withholding/deduction tables, including additional standard deductions for seniors. Seniors who complete their taxes online would not notice a difference, but those who do on paper will benefit. 

Income tax returns for single and joint filers without dependents are a shortened version of the IRS form 1040. This form is suitable for taxpayers with basic tax situations and provides a quick and easy way to declare income tax. This form has been discontinued since FY 2018 and replaced by a redesigned 1040 form.