A taxpayer always finds the problem in the matters of tax forms that are available in the market. A tax return is a matter of concern for everyone who takes the burden of paying tax. However, the good news is that there are a number of tax forms that helps you in choosing the right and best form for your business. Here is a list with basic details of all the forms that you must consider while filing a tax form.
- Federal Form 1040EZ, income Tax Return for Single and Joint Filers with No Dependents is one of the simple tax returns. The tax form does not provide services to the head of household, widow or married person. The taxable income is $100,000 which is a fixed amount which includes wages and salaries.
- Federal form 1040, US Individual Income Tax Return does not include any restriction that may affect the ability for any person to file a federal form. It is considered the longest but safest form of the tax refund. The terms of this tax form make it easy to choose it for maintaining safety.
Income tax less than $100,000 are accepted with IRA deductions and deduction on regular student loan interest. There are options of claiming credits including the tax credit, education credit, income credit, and credit for disabled and elderly people.
- Federal Form 1040NR, US Nonresident Alien Income Tax Return is the form of tax that imposes tax world widely on the income of the citizens. Nonresidential do not need to claim excepted income. Teach and trainers have same facilities on different visas with no taxable income on it.
- Federal form 1040NR-EX, US Income Tax Return for Certain Nonresidential Aliens with No dependents is easy to file when the income is less than $100,000. The term includes wages generated from the US in terms of salaries, refunds of state, scholarships or any fellowship grant. There is no deduction on the credit and tax refunds are easy to process.
- Federal form 1040-SS, US Self-Employment Tax Return is considered for reporting the income generated in the form of self-employment. The net earning must be $400 or more than this amount. The person should also be the resident of specific cities of United States including American Samoa, Virgin Island, and Puerto Rico.
- Federal Form 1040-PR, Planilla para la Declaracion de la Contribution Federal Sobre el Trabajo for Cuenta Propia is a Spanish equivalent form of the tax form. It is specially designed for the residents of Puerto Rico. There are many other forms that have different terms. However, all the above-mentioned forms are mostly visiting by adults.
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