Just like any other country, the USA is also strict about the timely submission of taxes and tax returns. This means that any individual, whether resident or non-resident, individual or corporation must fill the tax forms.
However, it is not as simple as it sounds to fill out the tax or tax return forms because of various clauses and differentiations made by the Internal Revenue Service. Therefore, to save yourself from unwanted penalties and be a responsible citizen you must be aware of the tax forms.
To have your back covered, we have brought to you some of the main and common tax forms. This can help you to have a brief understanding of the form YOU need to fill as well.
Form 1040: US Individual Income Tax Return
The individuals having taxable income in the USA need to file Form 1040 to the IRS for submitting their tax return. It is filed by all the citizens and residents of the USA having a reportable income. For deductions and other benefits, they can use additional forms such as Form W4 or W9 and documents like Schedule-E to be considered.
Form 1040NR: US Non-Resident Alien Income Tax Return
Form 1040-NR is filed by a non-resident alien who has a business or trade in the USA. It is also filed by an individual if they represent a deceased person and estate or trust who used to file Form 1040-NR. This needs to be filed to report the taxable income too.
Form 1065: US Return of Partnership Income
All the partnership firms in the USA whether domestic or foreign (with income in the US) must file Form 1065. This needs to be filled by the religious organizations as well. Just like other tax forms, this form also reports the taxable income of the organization to the IRS and can charge huge penalties if failed to file.
Form 1120: US Corporation Income Tax Return
The income, gains, losses, deductions, or credits of a US corporation is reported via Form 1120. It helps the IRS in figuring out their tax liability and how much they owe them. This form is specifically filled by all the domestic C corporations in the USA unless they are exempt from doing so.
Form 1120s: US Income Tax Return for S Corporation
The income, gains, losses, deductions, and so on of an organization that opted to become an S corporation need to be reported via Form 1120s. This form is specifically for domestic S corporations. It informs the IRS about the taxable income earned by the corporation and also helps in understanding the taxable income of the corporation’s shareholders.
Form 990: US Income Tax Return for Organizations Exempt from Taxes
Usually, every individual, corporation, LLC or partnership firm needs to file the tax return forms. However, the IRS exempts a few from doing it. These firms include non-profit organizations. Therefore, in order to not file the tax returns, these firms must file Form 990 and inform the IRS about that.
Where can I find these tax forms?
There are no hard & fast rules to find these forms as they are easily available in different modes. Those who are looking for the above-mentioned tax forms can get them:
- Online on IRS website
- Via Call made to IRS
- Tax software (in some packages)
- IRS Free file program
- From a Public Library or Post Office (not all forms are provided)
- Local IRS Office
If none of these work, you can also take the help of tax experts who can help you throughout the form downloading as well as filling process.
NOTE: There are many other supplemental forms and documents that need to be attached along with these tax forms. Those forms could be compulsory and require more knowledge. Therefore, it is suggested that you took assistance from trusted sources.
Written by – Priyanka Rampal
Follow us for more good reads and helpful insights if you have queries related to finance management and tax filing!