Filing Tax Returns for the Three Most Common Types of Taxpayers

Filing Tax Returns: Personal & Business

help filing tax returnsFiling tax returns is almost never something people look forward to. Even for taxpayers owed a refund, filing tax returns is a chore. This is why many people are past due filing tax returns every year and pay the price. In order to avoid levies and liens, you need to file your tax returns on time and correctly every year. This page will help you understand the most common forms that are filed and how to file them.

Form 1040

Every individual taxpayer in the country should fill out a Form 1040 when filing tax returns. This form is for anyone who receives personal income over a certain level, even if they are self-employed or a sole-proprietor. Even if you feel that your income is too low for filing tax returns, file anyway. You may be owed refunds, and this could protect you against the IRS in the future.

Filing tax returns with the Form 1040 should be completed and sent by the established IRS deadline. Most years, this deadline is April 15th. Make sure to use all deductions and credits that you are eligible for, but do not claim anything that you are uncertain you qualify to use. Incorrect deductions used when filing tax returns is considered tax fraud, and can create serious tax problems.

Form 941, 944, and 940

Business owners filing tax returns for employment taxes need to send a Form 941 on a quarterly basis. If your employment tax liability is $1,000 or less, you have the option to submit a Form 944 on an annual basis instead.

If you paid more than $1,500 in wages, or had employees for at least part of a day for 20 weeks or more, you will also be required to fill out a Form 940 for unemployment taxes. Filing tax returns for unemployment taxes is done on an annual basis.

When filing tax returns for employment or unemployment purposes, look up the percentage of what you should be paying. For social security employment taxes, you should be sending 4.2% on behalf of your employees and 6.2% on your part. The Medicare tax rate is 1.45% for both employees and employers. Unemployment taxes pay your FUTA Tax Liability. To pay the right amount, send 6.2% of the first $7,000 you pay each of your employees.

Form 1120

Unless you are a tax-exempt 501 corporation, all domestic corporations not in bankruptcy should send a Form 1120 when filing tax returns. 1120s need to be filed by the 15th day of the 3rd month after the end of the corporation's tax year. Only presidents, vice presidents, treasurers, assistant treasurers, and corporate officers can sign a Form 1120. Filing tax returns for corporations often calls for filling out more forms and schedules than on regular tax returns. Make sure that every one of them is attached to your Form 1120, when filing tax returns.

Depending on where you live and what form you are filing, the mailing address changes. You can look up the address online or call the IRS directly. You also have the option to e-file your tax returns and have many IRS taxes payment options.

If you need help filing tax returns, consult a professional. Call now or fill out the form below for a free tax debt consultation on filing tax returns for any sort of situation! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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