It's tax filing time, and you're about to sit in front of your computer, take out those folders with your receipts, put in numbers into your https://taxfyle.com/tax-return-calculator and see what deductions you're eligible for. That's great - it sounds like you're on a good track.
However, do you know what forms you should be filling out? Here's a quick rundown of all the common and necessary forms you'll need to file your taxes. Keep in mind that you do need to ensure that all the information you fill in is complete and accurate before you file them.
● The W-9 Tax Forms
This is another form you may need to fill in. The Form W-9, "Request for Taxpayer Identification Number and Certification," is filled in to provide your Taxpayer ID to employers. This form is extremely important, especially if you're self-employed since all your W-9 filing will retain the information of your employers and will be needed before they can legally pay you and fill out your 1099-MISC form.
● The W-2 for each job you do
This is the first form you need. This is the Wage & Tax Statement where you fill in the wages you've earned, as well as the taxes you've paid over the last year. This form will be sent to you by your employer, and if you worked more than one job, then you need a W-2 form for every employer. If you're an independent contractor, you won't get the W-2 form. You're responsible for paying your own taxes on your earned income. Keep in mind that your employers aren't required to withhold them from your paycheck.
● You need a W-4 for any new job.
Each time you start a new job or if your personal or financial situations change, you need to fill out a Form W-4. This is to ensure that any federal income taxes that are withheld from your paycheck appear correctly on your W-2 form. The W-4 form tells your employer about your current tax filing status, if you have other jobs, if you have a dependent or retirement income, deductions, and any extra amounts you want to have withheld from your paycheck.
● The 1099 Tax Form
You need to fill in the 1099 form if you get income other than the one from your employer over the last taxable year. Depending on the type of income you receive, there's a specific 1099 form you need to fill. These types of forms are labeled differently such as 1099-MISC, 1099-DIV, 1099-INT, 1099-G, and 1099-R.
● The 1098 Tax Forms
You'll also need to file one or more of the 1098 forms if you're planning on claiming a deduction based on the interest you paid on a loan. Some other forms in this type are also the 1098-E and the 1098-T.
Before tax season arrives, a good practice is to list out the forms you're expected to receive based on the status of your finances or occupation, and cross them off as and when you receive them. This way, you can easily keep track of where you earned your income and from which employer, as well as make a list of the organizations you receive these forms for this year.