Tax Returns

Tax returns are very important for the exact calculation of different types of taxes. These returns are filed through some particular forms, which are determined by the agency with which the tax return should be filed. There are different agencies in different countries to perform the task.
In the US, the Internal Revenue Service takes care of the tax returns procedures. There are several other agencies, which work on state or local level. The declaration of movable and immovable property and the sources of income are provided to these agencies. Based on the provided data, the amount of payable tax is fixed.

These tax returns are filed through some particular forms. The Internal Revenue Services and the other state agencies design these forms. Some of these forms are as follows:

 

Income Taxes

 

Form No Applicable for
1040 Personal Income tax return
1040EZ Declaration of income of singe
and joint filers without any dependent
1040A Individual income tax
1041 Estate and Trusts(1993 or before that)
1099 Series (information return)
1065 Partnership Income(1999 or before that)
1120 Corporation Income Tax
W-2 (information return)

 

 

Transfer Taxes

 

Form Applicable For
706 Estate Tax
709 Gift tax

 

Statutory Excise Tax

 

Form Applicable For
720 Excise tax (quarterly)
5330 Excise tax (employee benefit plan)
2290 Heavy Vehicle

In the United States of America, there is a process known as the ‘amended return’. This process is used to correct the errors that were present in the previous tax returns. This is done only when there is any kind of vital errors in the declaration. In case of minor faults the Internal Revenue Service does the necessary corrections.

Each and every US citizen, who earns beyond a limit, is bound by the law to file tax return with the Internal Revenue Service. It is also mandatory for the citizens to pay the due taxes to the IRS. The citizens are bound to show the details of their earnings to the government irrespective of the source of income.

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Last Updated on : 5th July 2013