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How to Fill Out the New IRS Form 1040

How to fill out a new 1040 tax form

Form 1040 is the basic tax form everyone who pays taxes must fill out when filing Federal income taxes. Today, there’s just a single version of Form 1040.

Depending on your tax situation, you may need to attach other forms and schedules to your 1040.

Why Do I Need to File Form 1040?

When you file your taxes, you’ll report your income for the year on Form 1040. All tax filers will use the same form. The previous forms, such as 1040EZ and 1040A, are no longer valid.… Read the rest

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What is the New IRS 1040 Form?

IRS Form 1040

For the upcoming tax season, the IRS Form 1040 has changed forever. This goes back to the Tax Cuts and Jobs Act (TCJA), where Americans with simple tax affairs can file their taxes on a form that’s the size of a large postcard.

However, it should be said that online tax filers may not notice any changes at all, so they won’t need to do anything different.

The IRS has worked in collaboration with many tax preparation partners and brands to ensure these changes go through as easily as possible.… Read the rest

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What is the 1120 Tax Form?

form 1120

What makes a corporation special is it’s a distinct legal entity separated from its owners. That means it pays its own income taxes. The owners are not responsible for paying the income taxes of the corporation.

The way a corporation pays income taxes is through filing IRS Form 1120 to figure out how much they need to pay. Corporations also have a separate income tax rate, so they don’t pay the same taxes as an individual.

Let’s take a look at the corporate tax return and what you need to file it correctly and accurately.Read the rest

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Can TurboTax Get My W-2 Online?

Can TurboTax Get My W-2 Online for 2019, 2020?

w2 form TurboTax

Taxpayers can use TurboTax to get their W-2s online and import it into the platform. It’s a simple system that automatically inserts the important information on your W-2 into your latest tax return.

How to Import Your W-2 Into TurboTax

The first step to login to TurboTax, click on ‘Work on My W-2 Now’ in TurboTax. From here, you’ll need to enter your Employer Identification Number (EIN). If you don’t have it, you can ask your employer’s accounting department for it.… Read the rest

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When Should I Expect My W-2 Form?

w2 form

Businesses have an obligation to provide W-2 Forms for all full-time employees and 1099 MISC forms for all contractors who work for them.

When they do this, they need to provide a summary of what they’ve done through Form W-3 or Form 1096 unless they’re filing their documents online.

Employers must send their employees their W-2 forms by January 31st of next year. All other forms mentioned so far must also be provided by this date.

It’s recommended that businesses aim to provide W-2 and 1099-MISC forms online so their employees can get their W2 forms as soon as possible.Read the rest

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10 Tax Forms You Need to Know About this Tax Year

The IRS has a tax form for every occasion. One quick search on the IRS website will promptly bring up over 900 different results. Most of these forms are for extreme niches, and you don’t need to know about them. But there are 10 forms you do need to be aware of before you file your taxes.

Three of these forms will likely be sent to you in advance. These are the W-2, 1098, and 1099, based on your employment status.… Read the rest