24 Jan There’s a form for that: Common IRS Tax Forms
Confused about IRS tax forms?
There are so many. You could say “There’s a form for that” but we are going to look at the most common forms used in filing personal income taxes. If you need more information about other IRS forms, visit IRS.gov. (Links to downloadable PDFs of the forms are included below.)
Common Tax Forms
The W-4 is used by your employer to withhold the correct federal income tax from your pay. You should review your W-4 each year and when your personal or financial situation changes. You can perform a Paycheck Checkup at IRS.gov.
The W-9 is the official form used to provide your correct TIN to the person who is required to file an information return with the IRS to report, for example,
- income paid to you;
- real estate transactions;
- mortgage interest you paid;
- acquisition or abandonment of secured property;
- cancellation of debt; or
- contributions you made to an IRA.
The ES in 1040-ES stands for Estimated Tax for Individuals. This form is used to calculate, you guess it, your estimated tax.
The 1040-ES is used to pay tax on income that doesn’t have taxes withheld from it, like earnings from self-employment, interest, dividends, rents, alimony, etc.
Also, if you do not elect voluntary withholding, you should make estimated tax payments on other taxable income, such as unemployment compensation and the taxable part of your social security benefits.
The 1040-V is a payment voucher that is often used with the 1040-ES. You send with your check or money order for any balance due on the “Amount you owe” line of your Form 1040 or 1040-NR (U.S. Nonresident Alien Income Tax Return).
The 4868 is more commonly called an extension. It is used to request an automatic extension of time to file a U.S. individual income tax return.
The 7004 is an extension request to file certain business income tax, information, and other returns. Here is information on e-filing Form 7004.
It’s not a form, you might consider reviewing Publication 17. Titled Your Federal Income Tax (For Individuals), this covers the general rules for filing a federal income tax return. It supplements the information contained in your tax form instructions and explains the tax law to make sure you pay only the tax you owe and no more.
For other questions regarding IRS tax forms that may require more detail, contact Dempsey Vantrease & Follis to speak with a member of our tax team.