A Guide to Tax Forms With 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!

tax expert using calculator to file tax returns

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 is used to report 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 amount of taxes owed or a refund amount 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 the age of 65. This form 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.
Seniors are still able to claim deductions, credits, and other tax benefits using this form.

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 are used to report income outside of traditional employment. The Form 1099 series are usually sent by employers or other entities to taxpayers.

Common 1099 Forms:

1099-MISC: This tax form is used to report 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 is used to report 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 will need to file that income with Form 1099.
Taxpayers who collect income from retirement accounts will use this tax form.
Anyone who makes an income from sources other than traditional employment may receive a 1099 form.
If you have received a 1099 form, it will need to be reported on your Form 1040.

Form W-2: Reporting Wages from Employment

Form W-2 is used by employers to report wages paid to employees and the 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 a Form 1040.

Key Points:

This form shows wages, salary, and tips that have been 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 tax laws are complex and can be hard to navigate on your own. Our tax attorneys at The Law Offices of Jordan F. Wilcox can ensure you are filing 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 also provide advice about complex tax issues, tax disputes, and IRS audits.

Our tax experts in Utah and Arizona can provide peace of mind to you 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!