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Most Popular Tax Forms

Reporting tax information to the Internal Revenue Service (IRS) is a patriotic duty. All US citizens must file various tax forms, whether they are working in the country or abroad. Some non-citizens who reside in the country also have a legal obligation to disclose the information and pay their taxes. As a taxpayer or a tax-exempt organization, you need to know which forms suit you. Here are a few that you may need to file:

Form 1040

The IRS has provided an advanced Form 1040 for individuals who want to file their yearly income tax returns. Some sections of this form require filers to reveal their annual taxable income. If necessary, the IRS allows filers to use supplemental tax 1040 forms. The agency overhauled Form 1040 in 2017 after the passage of the Tax Cuts and Jobs Act. The current 2-page version is easy to file and eases communication for future legal changes. The government agency requires this information to determine whether the taxpayer owes additional taxes or qualifies for refunds.

Form W-9

This is an IRS-created form that allows employers to have access to important taxpayer information whenever they want. Companies that hire independent contractors send W-9 forms to these workers at least once a year. Some companies also create their substitute Form W-9. The IRS allows this practice but insists that the substitute version must be similar to the original. Contractors have a legal duty to complete and return the forms to the employers as soon as they can Where do independent contractors get Form W-9? The employers send these to their workers. You can also download the form from IRS’s site. As an independent contractor, if you have made over $600 within the last financial year from a particular employer, you can download the form and submit it to your employer if they have not sent one. Remember that you should update a Form W-9 whenever some information you provided in the last form has changed. For example, if your employer identification number, Social Security number, business name, your name, or address has changed, it is time to update it.

Form SS-4

Filling Form SS-4 is simple, as you can visit the IRS’s website any time and see the sample and follow instructions. Companies file the form to get employer identification numbers (EINs). There are four ways you can apply for an employer identification number. It is good practice to use one that suits your entity best. Otherwise, your business may be assigned multiple EINs. Here are the available options to consider:

  • Apply by telephone- Works best for international applicants
  • Apply online
  • Apply by fax
  • Apply by mail

Many companies opt for online application since it is the most efficient, convenient, and cost-effective solution. If you have a legal residence, office, or business place in the US, you qualify to apply online. As soon as you get your EIN, please share it with your payroll provider to ensure your business uses it in the right manner.

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