Income tax return form

The income tax called is federal income tax, in U.S.A. In the United States, mainly there are four categories of the taxpayers in the United States:

  • Individual tax payers: These tax payers pay income from their wages and investments
  • Small businessmen and self employed tax payers.
  • Large and middle size business tax payers (i.e. corporation with assets of more than $10 million.
  • Tax exempt and government entities: (i.e. charities and some government entities)

    • 2) Due date:

    All taxes must be filed by midnight on April 15 of each year. In case if unable to file Income Tax Return, then a request for extension should be made with internal revenue service by filing Form 4868 and it should be also not later than four months ie. August, 15th. However interest should also be paid for such extension.

    Where to file Income Tax Return

    The Income Tax Return should be filed Internal Revenue Service (internal revenue service). It is branch of the Department of the Treasury. It is authorized federal tax collection agency for the USA government.

    How to file Income Tax Return

    After getting the proper form, it should be filled and can be mailed to the internal revenue service or it can be filed through online. In case you are filing on line, you need to obtain PIN number at online of internal revenue service. For getting the PIN, you should provide date of birth, social security number and information of previous tax return.

    3) Requisite forms:

    The Income Tax Return would be available at Local library, post office or online and to download. Instructions also be available with the forms itself. Requisite Income Tax Return should be used for submission to internal revenue service the following forms should be submitted by the categories mentioned.

  • Resident alien Form 1040
  • Non Resident - Form 1040 NR.
  • If exempted - Form 8843
  • In case of deductions, you should use FORM 1040 if you have more and itemized deductions. Otherwise if deductions are very less you can use 1040 EZ (short form).
  • In case of self employed Form 1099 should be submitted. In case of income from investments and dividends, 1099-B should be filled. In case of royalties or rental income it should be reported in 1099 form.

    • 4) Joint return:

    In case of single, naturally individual Income Tax Return should be filed. But in case of married you have option of filing a joint tax return of your spouse. However you can choose the option to file separately. Hence married couples can file a joint return if they are legally married and legally separated. If joint return is filed, the following benefits would be attracted.

  • A lower income tax rate bracket:
  • Tax credits that include childcare credit, earned income credit, and others.
  • Credit on interest earned on savings bonds that will be used for college expenses.
  • Less of your social security benefits are considered taxable income.
  • The ability to shelter larger amounts of preference income from being taxes.

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