The Internal Revenue Service (IRS) is responsible for the collection of federal taxes, and they produce a variety of forms and publications that can help taxpayers understand their obligations and comply with the law. It can be confusing to figure out which forms and publications you need to file your taxes correctly, so here’s a guide to help you understand IRS forms and publications.
Types of IRS Forms
There are two main types of IRS forms: those that individuals use to file taxes and those that businesses use. Individual forms include the 1040 series (1040EZ, 1040A, 1040), which are used to report income, deductions, and credits. Business forms include the 1120 series (1120S, 1120, 1120C), which are used to report income, deductions, credits, and other business-related transactions. Additionally, the IRS has other forms that are used for specific transactions, such as gift taxes, estate taxes, and excise taxes.
Types of IRS Publications
IRS publications provide additional guidance and instructions for filing taxes. Publication 17, for example, is a comprehensive guide to filing taxes, and it includes explanations of tax laws and filing requirements, as well as examples of how to complete certain forms. Publication 502 is a guide to medical and dental expenses, and Publication 910 provides information on filing estate taxes. The IRS also publishes forms, instructions, and other information related to the Affordable Care Act.
Where to Find IRS Forms and Publications
IRS forms and publications can be found on the IRS website, or you can call the IRS to request a copy. Additionally, you can find forms and publications at a local IRS office or at many public libraries. Forms can also be found at tax preparation software companies and tax preparers.
How to Use IRS Forms and Publications
Most forms and publications are written in a straightforward manner and are easy to understand. However, if you have questions or need additional guidance, you can call the IRS for assistance. Additionally, some tax preparation software companies provide helpful explanations and examples of how to complete certain forms.
Where to File IRS Forms and Publications
Individuals and businesses can file IRS forms and publications electronically or by mail. Electronic filing is faster and more secure, and it can be done through the IRS website or through a tax preparation software company. For businesses, the IRS also offers an E-Filing system that can be used to submit forms and publications electronically. For those who choose to file by mail, the address to which the forms should be sent will be provided on the IRS website or in the form instructions.
When to File IRS Forms and Publications
Individuals typically must file their taxes by April 15 each year. Businesses often have additional filing requirements, and the due dates may vary depending on the type of form being filed. The IRS also has extended filing deadlines for certain forms. It is important to note that late filing or late payment of taxes can result in penalties and interest.
IRS forms and publications can be confusing, but understanding them is essential for filing your taxes correctly. It is important to familiarize yourself with which forms and publications you need in order to file your taxes correctly and on time. With a little bit of research, you can ensure that you understand your obligations and meet all of the IRS’s filing requirements.