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Important Tax Forms by Reliable Refund

Common IRS Tax Forms that you should know about

Before filing your taxes, it’s important to be aware of the various IRS forms and schedules that may be relevant to your situation. Reliable Refund has some of the most common important tax forms include the W-2, 1098, and 1099, which are typically sent to you with information necessary for filing your taxes. Additionally, there are several IRS forms that you may need to fill out as part of preparing your tax return, such as the 1040, 1040-EZ, and 1040-NR. If you’re unsure which forms you need or how to fill them out, Reliable Refund can provide assistance to ensure that your taxes are filed accurately and on time. 

Form 1040 and Form 1040-SR

The IRS Form 1040 is the standard federal income tax form used to report income, claim tax deductions and credits, and calculate tax refunds or bills for the year. Depending on your tax situation and whether you want to claim certain deductions and credits, you may need to attach one of three schedules to the form. The three variations of Form 1040 (1040EZ, 1040A, and the “long form” 1040) covered simple to complex tax situations, but now there’s just the 1040 and the 1040-SR for seniors. If you need assistance filing these forms, Reliable Refund is available to help you navigate the process and ensure accuracy.

Schedule A: For Itemizing

Schedule A is a crucial IRS form that allows taxpayers to itemize their deductions, providing significant opportunities to reduce their tax bills. This form enables taxpayers to claim deductions for various expenses, including property taxes, charitable contributions, mortgage interest, state taxes, medical expenses, and a wide range of other tax-saving options. By itemizing these deductions, taxpayers can potentially lower their taxable income and save money on their tax liability. Schedule A stands out as one of the most valuable IRS forms, offering substantial tax-saving potential. Reliable Refund is here to assist taxpayers in navigating the complexities of Schedule A and ensuring that they claim all eligible deductions accurately and efficiently. With Reliable Refund’s expertise, taxpayers can maximize their tax savings and optimize their tax returns.

Schedule B: Reporting Interest and Dividends

This form is used to report all taxable interest and dividends that exceed $1,500 received during the tax year. It’s important to note that the lower the total amount reported on this form, the lower your tax bill will be. This is why tax-advantaged accounts like IRAs and 401(k)s can be so beneficial, as they help reduce your taxable income. If you need assistance filing this form, Reliable Refund is here to help. Our experienced tax professionals can ensure that your form is completed accurately and on time, maximizing your refund and minimizing your tax liability.

Schedule C: For Freelancers or Small Business Owners

Schedule C is a crucial document used to report the profits and losses stemming from freelancing, side gigs, or contractor work. It serves as a platform to deduct expenses associated with the growth and development of your business. These expenses may include advertising costs, home office expenses, and office supplies. By utilizing Schedule C, you can accurately portray your business’s financial status, ensuring that you pay the appropriate taxes while claiming legitimate deductions. At Reliable Refund, we understand the complexities of filing Schedule C and are dedicated to providing expert assistance. Our team of experienced tax professionals will guide you through the process, ensuring that your forms are completed accurately and on time. With Reliable Refund, you can rest assured that your freelancing or contracting work is properly reported, maximizing your deductions and minimizing your tax liability.

Schedule D: Capital Gains

If you actively trade stocks, bonds, or other instruments, Schedule D is a crucial form for you to complete during tax season. This form serves as a comprehensive record of your capital gains and losses throughout the year. It’s essential to report both your profitable and unprofitable investments, as up to $3,000 of your net losses can be deductible ($1,500 for married individuals filing separately). Schedule D allows you to perform this mathematical calculation and claim the maximum allowable deduction. To accurately complete Schedule D, you’ll likely need information from other IRS forms known as 1099s. These forms provide details about your investment transactions and help you determine your capital gains and losses. If you need assistance navigating the complexities of Schedule D or other tax forms, Reliable Refund is here to help. Our team of experienced tax professionals can guide you through the process, ensuring that your taxes are filed accurately and efficiently.

W-2: Income From a Job

The W-2 form, issued by your employer in January or February, serves as a crucial document for tax purposes. It details your annual earnings, contributions to retirement plans, and taxes withheld. A copy is sent to the IRS, emphasizing the importance of accurate reporting. The W-4 form, filled out when starting a new job, allows you to adjust your withholding. If you received a substantial refund last year, consider completing a new W-4 to reduce your withholding, preventing unnecessary deductions from your paycheck throughout the year. Reliable Refund stands ready to assist you in filing these forms, ensuring accuracy and maximizing your refund.

Form 1098: Mortgage or student loan interest you paid

If you have a mortgage, keep an eye out for the 1098 form, which will be sent to you either by mail or electronically. This document details the interest paid on your home loan throughout the year, and this mortgage interest is typically deductible. Students may receive a 1098-T form, which outlines their tuition payments, or a 1098-E form, which details the interest paid on their student loans. Both student loan interest and tuition payments may also be eligible for deductions. With Reliable Refund, you can rest assured that these forms will be filed accurately and efficiently, maximizing your potential tax savings.

Form 1099: Various forms of income you received

Navigating the complexities of 1099 tax forms can be daunting, but Reliable Refund is here to simplify the process. The 1099-DIV tracks dividends and distributions from investments, while the 1099-INT records interest earned on investments. If you’ve purchased a bond or note for less than face value, you’ll receive a 1099-OID. The 1099-MISC and 1099-NEC encompass income not derived from investments, such as freelance work payments. With the IRS receiving copies of these forms, accurate reporting on your tax return is crucial. Reliable Refund’s expertise extends to these forms, ensuring your tax filing is comprehensive and compliant.

Form 4868: Getting an extension

Filing your taxes can be a daunting task, but Reliable Refund is here to help. The April deadline is fast approaching, but don’t worry, you can file for an extension with the IRS and buy yourself some extra time until October. Just be sure to make a good estimate of what you owe and send in some or all of that amount along with your extension request. If you don’t, you’ll need to pay interest on the difference. And don’t miss your extended deadline, or you could face a late-filing penalty of 5% of the amount due for every month or partial month your return is late. Reliable Refund can help you file these forms quickly and easily, so you can avoid any penalties or interest charges. We’ll make sure your extension request is filed on time and that you have all the necessary documentation. Don’t let tax season stress you out, let Reliable Refund help you get the extension you need.

If you need to download another form, you can visit the website and search for the specific form you require. Reliable Refund is here to assist you in filing these forms accurately and efficiently. Our team of experts is well-versed in the intricacies of tax laws and can guide you through the process, ensuring that your forms are completed correctly and submitted on time. Whether you need help with a simple 1040EZ or a more complex Schedule C, we have the knowledge and experience to help you navigate the tax filing process seamlessly. With Reliable Refund, you can rest assured that your tax forms will be handled with the utmost care and attention to detail.