A Guide to Tax Forms from Our Tax Experts

IRS tax forms can be a confusing part of filing taxes for many taxpayers. Tax laws and regulations are complex; using the correct tax form can impact your tax refund. Our tax experts at The Law Offices of Jordan F. Wilcox in our Arizona and Utah offices are here to help you through tax season!

Types of IRS Tax Forms

Choosing the correct tax form will affect how much you owe in taxes or your tax refund. Each tax form has a purpose and is made for different types of people, income, deductions, or credits. Our tax experts are here to walk you through each type of form.

Form 1040: The Standard Individual Tax Return

This is the most commonly used tax form and is standard for reporting income, deductions, credits, and tax liabilities to the IRS.

Key Points:

• Form 1040 reports all income, including wages, business income, capital gains, and retirement distributions.
• Deductions and credits can be claimed on this tax form.
• This tax form calculates the taxes owed or a refund after the income and deductions are filled out.

Who Uses Form 1040:

• Anyone who earns income from wages, self-employment, investments, retirement, or other sources.
• Depending on the income, you may also need to attach additional schedules.
  
  

Form 1040-SR: The Senior Citizen Tax Return

Form 1040-SR is a version of the standard 1040 form made available for taxpayers over 65. It makes it easier for senior taxpayers to complete their returns.

Key Points:

• The 1040-SR tax form includes the same sections and calculations as the standard 1040 tax form.
• This form has a larger font for easier readability.
• This form allows Seniors to claim deductions, credits, and other tax benefits.

Who Uses Form 1040-SR:

• Any senior citizen who meets the same criteria as taxpayers using Form 1040 can use Form 1040-SR.
• This tax form is a good option for seniors who want easier navigation while filing taxes.
  
  

Form 1099: Income from Freelance Work, Investments, and More

This series of tax forms is used to report income outside of traditional employment. Employers or other entities usually send the Form 1099 series to taxpayers.

Common 1099 Forms:

• 1099-MISC: This tax form reports payments to independent contractors and freelancers.
• 1099-R: This tax form reports distributions from retirement pensions, annuities, or accounts.
• 1099-INT: This tax form reports interest income from banks and financial institutions.
• 1099-DIV: This tax form reports dividend income from mutual funds and stocks.

Who Uses the Form 1099 Series:

• Independent contractors and freelancers will use this tax form to file their taxes.
• Taxpayers receiving income from investments, stocks, and mutual funds must file that income with Form 1099.
• Taxpayers who collect income from retirement accounts will use this tax form.
• Anyone who earns from sources other than traditional employment may receive a 1099 form.
• If you have received a 1099 form, it must be reported on your Form 1040.
  
  

Form W-2: Reporting Wages from Employment

Employers use Form W-2 to report employee wages and taxes withheld throughout the year. If you are an employee, you will receive a W-2 form from your employer. This form is used to fill out your other tax forms, like Form 1040.z

Key Points:

• This form shows wages, salary, and tips earned throughout the year.
• Form W-2 shows federal, state, and local taxes withheld from earnings.
• This form also shows Social Security and Medicare contributions.
• A W-2 form reports contributions to retirement accounts like 401(k)s.

Who Uses Form W-2:

• Any taxpayer who is employed by someone else will receive this tax form.
• Employers will use this form to report earnings and more.
  
  

Schedule C: Self-Employment and Business Income

A Schedule C tax form reports profit or loss from a business. This tax form will be filed with a Form 1040 if you are self-employed or own a small business.

Key Points:

• This schedule reports your business income and expenses.
• This tax form determines if you owe self-employment taxes.

Who Uses Schedule C:

• Anyone who is self-employed or owns a small business will use this form.
• Freelancers and contractors may also need to file a Schedule C form to report income and expenses from their business.
  
  

How Our Tax Experts Can Help You With Your Taxes

IRS tax forms and laws are complex and can be hard to navigate independently. Our tax experts at The Law Offices of Jordan F. Wilcox can ensure you file the correct tax forms while helping you take full advantage of eligible deductions and credits. 

Our tax experts understand the nuances of federal and state tax laws, reducing the risk of audits and penalties. Tax preparers can increase your tax refund by identifying deductions and credits that are easily missed. Our tax attorneys can advise on complex tax issues, disputes, and IRS audits.

Our tax experts in Utah and Arizona can provide peace of mind during tax season. By working with us, we can give you confidence that your taxes are filed correctly and on time. Consult our tax experts today so we can help you stay compliant with tax laws and regulations!

Tax issues don’t wait—neither should you. Contact Jordan F. Wilcox for a free consultation!