What forms need to file taxes in the US?
Are you planning to file taxes in the US? It is time that you start with your w-2 form or any reliable forms. Whether you file the taxes from an accountant or tax software, you will need to have all your documents ready. Keeping your documents ready and safe will only help to protect against various risks.
The accountants and tax software will remind you of all the documents you will need. However, being prepared from before will only help to make the process less painful. The 1099 Pay Stub can eventually be of great help for keeping your documents prepared. While there are different tax forms, the one you will need to present while filing your tax will vary. It is advisable to choose various tax filing forms like a W-2 form, 1098 and 1099.
Tax Form W2 for Employed Earning
The W-2 form or the Wage and Tax Statement is one of the most common types of tax filing forms. According to this tax form, you can keep a check on all that you’ve earned and the taxes you have had to pay. If you earn more than $600 from your position, the employer is liable for giving you the W-2 form. However, you can keep a check with your documents from the 1099 Pay Stub.
However, many people work more than one job. Hence, if you’ve earned a minimum of $600 from both the jobs, you will be liable for W-2 form from both the employers. But W2 forms will be given only to those who are in the employed position. But, if you have freelanced or worked as an independent contractor, you will not be liable for receiving the W2 form from that work.
Form W4 and W2
The W4 form is used for determining the accuracy of all the information filled in the W2 form. You will need to fill the W4 form every time you find yourself stuck in a situation of circumstantial change or personal finances. However, accountant experts advise you to fill out these forms before the tax time arrives. Nonetheless, if you are unclear about holding the finances and tax filing, you will need to contact the employer. Apart from that, your personal accountant can be of great help as well.
Less Common Tax Forms
However, the tax forms you file will completely depend on the situation you are in. You will need to file Schedule C of 1040 form if you want to address profits, loss and tax deductions from the business. It is necessary to become aware of the different types of tax forms and deductions. This only helps to increase the chances of refund and also helps to calculate the taxes.
When should you get these forms?
The employer is liable for sending the W-2 form to you within the first month of the year (January).
You should maintain the 1099 Pay Stub and compare it with the taxes once you receive the forms. However, if there’s an error, you will need to apply for a new form, which may take a few days. Hence, it is advisable to get the tax filing ready by 15th April.
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