Some of the most common forms used at Tax Time!

Everyone needs to understand how every IRS tax form is used and when to use them. There are many forms that can be used to file your taxes, and using the right one the first time can prevent you from making a potentially costly mistake.

Form W-2

This is the form that anyone who works as a salaried employee should be familiar with. It's also known as the Wage and Tax Statement, and it's required by businesses who have paid out at least $600 for the year. 

Form W-4

This is the form you file before starting employment so that your employer will know how much tax to withhold on your paycheck. 

Form W-4P

Pension or annuity recipients will need to use this form in order to determine the correct amount of federal income tax that needs to be withheld. 

Form 1099 MISC

This tax form is used to calculate tax liability for self-employed persons or contract workers who have received at least $600 during the tax year.

Form 1040 

It's the starting point for most taxpayers. It's also known as the "long form" 1040 because it's extremely comprehensive. 

Form 1040EZ

 This is a pretty basic individual filing tax form. Used mostly by single or married individuals with no dependents, the EZ version of the 1040 bypasses the complexity of the long-form version to whittle down schedules to the bare essentials. Easy, huh? 

Form 1040A

If your taxable income is less than $100,000, use this form. It allows you to claim more credits -- education credits, the child tax credit, retirement savings contributions and more -- but you cannot itemize deductions with this form.

Form 1098

If you received at least $600 in mortgage interest during the year either as an individual or business, you'll need to file a 1098 form.

Form 8962

The Affordable Care Act has made it so health care coverage must be reported on tax returns. Some individuals might qualify for the premium tax credit.  Form 8962 is used to calculate the amount of credit you receive.

Form 1095b

This form is used to reportHealth Coverage information to the IRS by individuals and to taxpayers by their employer stating they have the minimum essential coverage and therefore are not liable for the individual shared responsibility payment.

This list should help you when our appointment date comes around.  (Thanking you in advance for your organization and neat and tidy documents.)

Give AMJ Bookkeeping a call and we can get you started the right way to ensure you have the correct tools and support you need to make your small business a success from day one.