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What To Know About an Income Tax Form

Income Tax Form

The income tax return form is the fundamental tax vehicle used by the federal government to levy income taxes on all adult American citizens. All individuals who earn an income whether through wages, investments, or any form of capital gain must file federal income tax return forms. Failure to submit these forms will result in late fees, interest penalties, and in cases of chronic negligence, criminal charges.

Federal income tax forms, before the advent of the computer and Online filing, was a tedious process that required numerous hours and in many cases the inclusion of an accountant or tax professions. Preparing and filing an income tax return during modern times, however, is a fairly easy process.

The form 1040 is the primary Individual Income Tax Return collected by the United States Federal Government. The form 1040 is the starting form for individual federal income tax returns filed with the IRS.

Any resident individual income taxpayer uses the 1040 to report all wages incurred, plus any income collected through investments or side business ventures. There are three kinds of federal income tax forms: the basic 1040, the 1040 A, and the 1040 EZ. Individuals with basic tax situations, meaning no itemized deductions or capital gains.losses, should utilize the simplified 1040A form.

Through advancements in computer technology, the majority of tax returns are filed online, through the Internal Revenue Service's website. All Federal income tax forms must be filed by April 15th of the next year (the previous full year is the applicable tax year).

NEXT: Understanding the 2008 Tax Table

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