FAMILIARIZING WITH THE COMMON TAX FILING DOCUMENTS
Business owners, corporations and individuals find the month April to be quite dreadful as they have to sort out their taxes, fill tax form, and fill their taxes before the end of the tax season. Since those who are not paying their taxes punctually will be liable to penalties from thee taxing authorities, people are running around stressfully to complete the troublesome task. Online tax filing comes of great help now as it eliminates the paper works, saves you a lot of time and effort, guides you to correctly fill the documents, and enables you to avail tax deductions wherever applicable.
You need to gather the needed documents and records required for proving your income, expenses and tax payments. Those who are in a job, but do not own a house or other investments or taxable incomes, are required to fill form w 2. You can file w2 online. Form 16 is a certificate that you need to collect from your employee for proof of tax deducted at the source of your salary. You also have to fill the 1040ez form that bears your basic details such as name, residential address, social security number, etc.
For those who are self employed entrepreneurs and business owners, the 1099 misc form is of utmost importance. You can e-file 1099 misc form. Another document that you would require to fill is the 1099-int form. This form is required by the wage earners too in order to prove the interest made from bank savings and investments. So, tax filers belonging to both these categories should e file 1099-int form.
Those who have added sources of taxable income should file the standard 1040 form as well as a schedule c form along with the above mentioned documents. And those who have taken mortgage loans should file the 1098 form for supporting your mortgage interests.