IRS tax forms are federal forms that employers, individuals, or businesses must submit to the Internal Revenue Service annually or quarterly. The type of form required depends on the filer’s status as an employee, employer, or self-employed and the kind of income claimed on the returns.
Filing taxes can be daunting, with over 2,700 IRS publications and tax forms available to taxpayers. However, filers can efficiently meet their tax obligations by carefully selecting the appropriate forms and ensuring accurate reporting of all necessary information while avoiding potential legal issues or penalties.
For Individuals
Individuals have to report all their income from the previous year to the Internal Revenue Service to calculate the amount of tax due each year. Depending on the type or types of income you are claiming, you will have to file a specific type of form.
Form 1040
File your federal income taxes with the Internal Revenue Service (IRS).
Form 4506-T
Use to obtain federal tax transcripts and related information from the IRS.
Form 8821
Allows tax preparers to access certain information on behalf of their clients
Form 8829
Enables entrepreneurs to deduct expenses associated with using their residence for business purposes.
For Businesses and Self-Employed
Businesses and self-employed individuals must file different tax documents than individual employees. Depending on the type of business, there are various required forms and specific deadlines to pay special attention to.
Form 1099-MISC
Use to report miscellaneous payments businesses distribute and taxpayers report on their annual tax returns.
Form 1099-NEC
Use to disclose payments made to self-employed individuals for tax purposes.
Form W-2
Use to calculate total earnings, withheld taxes, and deductions for employees when filing taxes.
Form W-9
Use to report non-employee compensation to the IRS properly.
I-9 Form
Use to confirm an individual's right to work in the United States through the verification of specific documents.
Form SS-4
Use to request a unique nine-digit Employer Identification Number for businesses.
Form 940
Use to report the Federal Unemployment Tax Act (FUTA) taxes for 2023.
Tax Filing Deadlines
IRS tax filing deadlines vary based on which form is being submitted, so it is essential to pay attention to the deadlines for your forms to ensure that you avoid any late penalties or interest.
2024 Tax Day
The 2024 tax deadline is Monday, April 15. For taxpayers in Maine and Massachusetts, the deadline is extended to April 17, 2024, to account for the Patriot’s Day holiday.
Employer Deadlines
| January 31, 2024 | February 15, 2024 | February 28, 2024 | March 15, 2024 | April 15, 2024 |
|---|---|---|---|---|
| Provide employees with W-2 | Provide employees with 1099-MISC | File 1094-B | File Form 1065 (Partnerships) | File Form 1120 (C-Corporations) |
| File Form W-3 | File Form 1095-B | File Form 1120S (S-Corporations) | ||
| File Form 1099-NEC | ||||
| File Form 940, 941, 943, 944, and/or 945 (if tax payments are overdue) |
Self-Employed Deadlines
| January 16, 2024 | April 15, 2024 | June 17, 2024 | September 16, 2024 |
|---|---|---|---|
| Form 1040/1040-S (quarterly) | Form 1040/1040-S (quarterly) | Form 1040/.1040-S (quarterly) | Form 1040/1040-S (quarterly) |
Employee Deadlines
| February 15, 2024 | April 15, 2024 |
|---|---|
| File Form W-4 | File Form 1040 |
Filing Extensions
If you require an extension to complete your federal tax forms successfully, file Form 4868 for individuals or Form 7004 for businesses. If granted, this extension will give you until October 15, 2024, to file your federal tax returns.
However, it is essential to note that while these forms may grant you an extension to file your tax returns, they do not grant an extension for payment of taxes.
How to File
The IRS accepts tax forms through various methods, including mail, electronic filing, fax, or through a tax preparer. However, not all forms are accepted through electronic filing and must be filed differently.
Electronic
There are a variety of electronic filing options available to taxpayers. The IRS allows individuals with an income of less than $79,000 to utilize the free online IRS tax preparation software. Paid software such as TurboTax and H&R Block also assist with electronic filing.
For taxpayers who can independently navigate and complete their tax forms, the IRS also offers Free File Fillable Forms, allowing them to complete and submit them online independently. It is important to note that this software will be phased out at the end of October 2024.
When filing IRS tax forms via mail, all forms should be mailed directly to the address listed on each form. This will help prevent excessive delays in tax processing.
Frequently Asked Questions
How to report foreign gifts on IRS tax forms?
To report foreign gifts on IRS tax forms, file the IRS Form 3520 annually by April 15. Foreign gifts only need to be reported if they amount to more than $100,000 from an individual or $17,339 from a foreign corporation.
What is the deadline for filing federal income tax forms?
The deadline for filing federal income tax forms is April 15, 2024. The IRS begins accepting federal income tax forms towards the end of January annually, so federal income tax forms must be filed within this window.
What tax forms do I need?
The IRS tax forms you need depends on what types of income you earned in the last year. Additionally, if you deduct money from your taxes or claim tax credits, you will need additional tax forms depending on the deduction/credit you claim.
Where to mail federal tax return?
Where you mail your paper federal tax returns depends on where you reside. The IRS maintains a chart of the mailing addresses for residents of each state who choose to mail their federal tax returns.
What happens if I miss the IRS filing deadline?
If you miss the IRS filing deadline, the IRS may impose penalties and interest. Penalties are fines that the IRS calculates based on how much you owe on your unfiled taxes. As of 2023, the minimum penalty for missed filings is $485. The penalties and the unpaid taxes also start to accrue interest if you do not pay the amounts in full. Meeting the IRS filing deadline is essential to avoid paying extra penalties and interest.
Can I fill out tax forms electronically?
Yes, you can fill out tax forms electronically. The IRS offers several options for online filing of tax forms and accepts forms filled out online or via electronic software.
Are business gifts deductible?
While business gifts are generally tax-deductible, the IRS restricts how much you can deduct for each gift. The maximum amount you can deduct for gifts given per person per year is $25.
Can I deduct expenses for working from home?
Whether you can deduct expenses for working from home depends on the type of income you claim on your taxes. Self-employed individuals and freelancers who file Form 1099 can generally deduct home office expenses. Remote employees who file a W-2 cannot generally deduct expenses related to working from home.
Can IRS forms be handwritten?
Yes, IRS forms can be handwritten. The IRS specifies that handwritten forms need to be neat, legible, and accurate to avoid processing errors. The IRS states handwritten forms should be in block print rather than cursive.
Can IRS forms be signed electronically?
Yes, an electronic signature is acceptable for certain IRS tax forms. If you file your tax forms using the IRS e-file program, you will be prompted to sign electronically.