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Federal Tax Forms

Federal tax forms are issued by the Internal Revenue Service (IRS) and used by businesses, organizations, and individuals to report various types of financial information to the federal government of the United States. There are many more tax forms than the 1040 or W2. Those who own a small business are likely to use a number of IRS tax forms. It is critical that businesses submit the proper tax forms and documentation to avoid stiff penalties and costly fines.

Common Types of Tax Forms Used by Businesses

The most common of federal tax forms is the 1040, the basic tax return used by individuals as a starting point for reporting all personal income. Small businesses will likely use one of the many attachments, or schedules, used for a number of different business purposes. For example, the Schedule C is used by sole proprietors to list self-employment income and expenses.

A farmer would likely use Schedule F to report any income and expenses associated with farming. If a business partner wants to calculate and report self-employment taxes from self-employment income, they would use a Schedule SE form or possibly a 1065 form. Some businesses use a form 1120 for C corporations or a form 1120S for S corporations to report the necessary tax information.

The W2 Form

This is an information return used to report the amount of employee wages paid and the amount of taxes withheld from each employee. FICA taxes and payments to the Social Security Administration are also reported using this form. The W2 form consists of six copies which are submitted to the Social Security Administration, the state and local taxing authorities, and any employees to be used in filing their own personal taxes.

The 1099 Form

One of the most used tax forms is the 1099. The 1099 form is used primarily to report the many various types of income besides salaries, wages, and tips. There are many specific variations of this business tax form used to report anything from acquisition or abandonment of secured property to payments by the railroad retirement board. Technically the 1099 form is an information return, not a true tax return. Every business must complete a form 1099 for each of any number of specific transactions.

There are a lot of different federal tax forms used by business owners in the U.S. Be sure to consult a tax professional or CPA for all the details. The IRS no longer mails tax forms. All IRS tax forms may be downloaded from IRS.gov.

Continued Payroll Tax Form Definitions
Form 8109
Form 940
Form 941
Form 944
Tax Forms