The thought of tax time can be a daunting one, especially if you file on your own without the help of an accountant. Fortunately, everything you need to know and all of the 2015 tax forms you will require for filing are available on the IRS website.
Each year, citizens and businesses across the United States must file their taxes. This can consist of a few easy forms, or many complicated ones depending on the year that you or your company have incurred.
For individuals who have yet to file their taxes for the previous year, these are also available on the IRS website, under "Previous Year".
Form W-9:
If you don't already have one, before you can file your 2015 tax forms, you will need to complete the W-9 form. This is used to request a taxpayer identification number and certification, which allows you to file income tax as a United States citizen. This is a necessary process, one that is punishable by a fine if not completed properly.
Form 1040:
The Individual Income Tax Return, also known as Form 1040, includes all of the basic information that identifies you and your income. By completing the form, you provide your name, address, SSN, marital status, income, taxes and credits, and various other data which will help calculate what you owe to the government or what is owed to you by the government.
Alternatively, for individuals with no dependants of any kind, Form 1040-EZ works for both singles or joint filers. The form itself has a number of guidelines and instructions along the bottom of the page, providing you with information needed to recognize if it is the best form for you to use for 2015.
Form 9465:
If you aren't able to pay the amount of taxes which you owe to the government and need to set up a payment plan to submit the amount in monthly installments, this is the form to use. It is submitted as a request and must be confirmed by the government before approval is granted. Some individuals may be able to file online if the total amount owed is $50,000 or less.
Getting Professional Help:
In order to file taxes, especially for an individual who runs a business, you may require professional help. An accountant can save you the trouble of trying to determine which 2015 tax forms are important for you, and also how to fill them correctly.
It is absolutely crucial to be honest in including information in paperwork regarding taxes, and your accountant will know how to pay less or receive a larger rebate based on your income, expenses, and other important factors which contribute to these numbers.
Tax Differentiation:
Those filing as individuals may also qualify for additional forms as well. Fishers, farmers, and the elderly can apply using different paperwork or complete their form with additional information that somebody else would not.
Similarly, the employers tax guide offered through the IRS provides insight for business owners with employees, who are seeking for guidelines. This is important as the rules for employer and employee tax forms are very different, and will ultimately change the way that you must file your taxes.