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Common IRS Forms and Schedules You Should Know
There are nearly 1000 tax forms on the IRS website and knowing which ones you need can be very overwhelming.
Whether you’re a self-employed contractor or a married couple with several properties, there are specific IRS forms you are required to include in your federal tax filing.
The tax preparers at Clymer, Hall and Davis will ensure that you have every form specific to your unique tax status.
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Tax Documents
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Wage statements (Form W-2)
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Pension, or retirement income (Forms 1099-R)
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Social Security Income
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Overtime statements (included on W2 or final paystub)
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Self-Employment Income (may show on forms 1099-K, 1099-MISC, or 1099-NEC)
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Income and expenses from rentals
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Investment Income (forms 1099-INT, 1099-DIV, 1099-B)
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State Unemployment or Refund (1099-G)
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Educational expenses (1098-T)
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Healthcare Marketplace (1095-A)
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Child care expenses and provider information
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Lottery and/or gambling winnings and losses
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Record of purchase or sale of real estate
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Cancelation of Debt (1099-C)
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Schedule K-1 Statements (Form 1065)
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Any other items that you think may be necessary for your taxes.
The IRS and your employer will send these common documents in the mail or provide them electronically. The description on the documents is general as these statements often report multiple types of income. Please bring the applicable documents to your tax appointment.
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Having the right forms is only half of the equation.
All tax forms and schedules are available on the IRS website for individuals to download and fill out themselves. While this may seem to make it easier to file your own taxes, the type of information to provide can still be confusing.
Even if you know which forms you need, you may not completely understand which information to report. The tax preparers at Clymer, Hall and Davis are trained to recognize and understand the nuances of the federal tax code, ensuring that your tax return is correct…every time.
For most people, keeping track of the changing tax laws can be difficult at best. If you aren’t constantly paying attention, you could miss something important. A tax preparer knows what’s new, and can help you get the latest tax benefits. Keep up with the tax changes on The IRS Website.
Own a Business?
Business owners typically file their business taxes separate from their individual taxes. We’ll help you file your business taxes to reduce your business and personal tax liability. We are well-respected strategic business advisors and decision-makers, and we act as consultants on many issues, including taxes and accounting. A tax preparer is a trusted financial advisor who helps individuals, businesses, and other organizations plan and reach their financial goals. If you have multiple sources of income, a tax preparer can help you sort through how to report everything correctly. It is a lot more complicated then if you just have one W-2 to record. If you are self-employed or own your own business, a tax preparer can help with that too. Hiring someone with financial expertise can help you find ways to lower your taxes that you might otherwise miss. There are some big write-offs for the self-employed. Don’t miss out.
Do you own real estate?
If you own your own home, or own rentals, a tax preparer can help you manage them. There are some specific tax situations tied to rental properties and some major benefits. You definitely don’t want to miss out on those. Your future could be up in the air if you just inherited a large amount of cash or property. Inheritance taxes can be costly if you don’t have help navigating the specifics. A tax preparer will help advise you on the present situation and help you reduce your taxes for the future, as well.
Have you had a major life change?
If you are about to go through a big life change, or you recently have, a tax preparer can help lead you through the transition. Anytime you get married, get divorced, retire or have children your tax situation changes as well. A tax preparer will help lead you to navigate the changes when it comes to your financial being. Or if you’re about to start your own business a tax preparer can help you prepare. With their help, you’ll be able to ensure that all the necessary tax forms are filed correctly. Perhaps your kids are getting older and you want to contribute money to a college savings account, or even a trust. A tax preparer can help set all of that up. They have the tools to help you maximize your money as you look toward your family’s future.
Want to save time and money?
If time isn’t on your side, a tax preparer may be your new best friend. Not knowing what you are doing can be a real time-waster. A tax preparer will likely be able to cut down on the confusion and cut down on the time it takes to do the job effectively. Truly, the number one reason you need a tax preparer is simple. A tax preparer can save you money. Lots of money. A skilled tax preparer knows how to make sound decisions when it comes to preparing your taxes, helping you plan a business, or setting yourself up for a sweet retirement. Don’t leave money on the table.
Numbers are not really your thing?
Obviously, if you are bad with numbers, getting some expert help is to your advantage. A tax preparer is trained to catch mistakes, and to fix them. You don’t want to make a mistake and up being audited. If you owe any back taxes to the IRS, do not delay in contacting a tax preparer to help you out. He or she can help you understand what you owe, and how to avoid any future problems. Most tax preparers understand how scary it can be going up against the government. A good tax preparer will stand up for you, and help you get your life back to normal as quickly as possible.
Bottom Line
Hiring a tax preparer can be a great way to save yourself time, money and confusion. At Clymer, Hall & Davis we aim to ensure you are getting the very best expert advice. In the end, this one decision can end up saving you thousands of dollars.
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Form 1040 & 1040-SR
The IRS form 1040 (1040-SR for seniors) is the standard federal income tax form that people use to report their income, deductions, and credits. A separate schedule will need to be attached depending on your tax situation.
Schedule EIC
Earned Income Credit
The Earned Income Credit is a tax credit that reduces tax liability according to an individual or family’s annual earned income. Qualified dependents and children will increase the credit.
Schedule A
Deductions & Credits
If you paid property taxes, interest on a mortgage, state taxes, medical expenses or any other expenses that qualify for a tax break, you will use the Schedule A to itemize each of the qualifying deductions.
Schedule B
Dividends & Interest
The Schedule B calculates the taxable interest and dividends that you earned during the tax year, in excess of $1,500.
Schedule C
Self Employed
If you are a freelancer, contractor, or self-employed, you will report your profit and loss on a Schedule C form. You can also deduct any expenses relating to your business on this form.
Schedule D
Capital Gains & Stocks
If you traded or sold any stocks or bonds during the tax year then you’ll need to file a Schedule D along with your other tax forms. This form calculates your capital gains and losses. Up to $3,000 of your net losses could be deductible.
Schedule E
Supplemental Income / Loss
The IRS Schedule E form report on income or loss from several different types of business or real estate activity. This form is used to report income or losses from rental property, royalties, partnerships, estates, trusts, etc. and should be included in your personal tax return.
Form 1040-X
Amended Tax Return
If you need to amend an already-filed tax return then you will need to submit a Form 1040-X to the IRS. Reasons for amending your tax return could include a change in filing status, number of dependents, or corrections to credits or deductions.
Forms 1098-E / 1098-T
Student Loan Interest & Tuition
If you made payments on a federal student loan, you may be eligible to deduct a portion of the interest you paid on your federal tax return with form 1098-E. The 1098-T Tuition Statement form reports tuition expenses you paid for college tuition and may entitle you to an adjustment of income or tax credit.