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There are thousands of IRS tax forms out there, all of which are used to report different types of income and expenses and they are labeled with their own letters or numbers. The good news is that you do not necessarily need to know all of them, but you should know some of the main tax forms that are needed by both individuals and corporations to file your relevant and most urgent tax returns.
For instance, when it comes to filing individual tax returns, you will need to file form 1040. On the other hand, if you are a corporation and have a workforce under your payroll, then you need to make sure that you have provided each of your workers with a W-2 form by the end of January. This is an entity form that essentially informs the IRS of how much money each of your employees made in a year and how much you withheld from their final payment to cover federal and state taxes.
Also, if you are an employee and have earned money from somewhere other than your employer, you will need to file a 1099 form. They can usually be provided to you by a bank or broker to help account for any form of interest that you may have earned, eg, from gains in the stock market, from any real estate deals, etc. If you are self-employed, then you will need to file your returns using the 1099-MISC form. These are only some of the many forms that you need to have prepared before tax season sets in.
In terms of filing, most tax returns are due by April 15th, but it also varies on the return in question. If you aren’t sure of the right date, make sure to check the IRS website for more details. Moreover, if you can’t file your returns by the relevant due dates, you can always file a form 4868, before the due date of your return to request an extension of time to file.