All you need to know about free tax forms

All you need to know about free tax forms

There are a number of forms that are related to the filing of income tax for both individuals and businesses. Any individual, business, or a self-employed individual can use these tax forms for free.

Tax forms based on income
For any individual earning less than $62000, a special software that is offered through a partnership between a number of tax software providers and IRS is available. There are about 13 software providers who offer this free software to taxpayers. Many of them offer free state and federal return preparations as well as electronic filing services.

For individuals earning more than $62000, an electronic version of the paper form is available. However, they might require the assistance of a professional to help them with the same. The free tax forms are offered by Free File, including Form 1040, Form 1040A, as well as Form 1040EZ. Every form is free if the individual has children in college or earns money through the stock market. Similarly, all the forms are free if the individual has Form 1099, Form W-2, or an EIN for the purpose of business.

Filling tax forms
One may understand the step-by-step process of filing income tax returns through the free tax forms. During the peak tax filing season, one can get all their queries answered through the tax software products.

In order to file a tax return, one may begin with gathering all their documents, including the income statement. Business owners need to provide their employees with Form W-2 by the end of January so as to make it easier for them to file their tax returns. If one does not have their form, they may need to contact the employer and ask for the same. Those individuals who are unable to meet the April 18 deadline can use the free forms to submit for an extension. However, there is no extension to make the tax payment. One can only seek for an extension to file the return. Payment will need to be made in due time.

The free tax forms are simple and convenient to use. They make the tax filing process easier and quicker. If one has only salary income, it will be very easy to file returns and professional help would not be required. Understanding how the forms work, one can manage the filing system with ease.