Filing an Individual Tax Return
When filing an individual tax return, use the correct version of the IRS 1040 forms. It is essential to educate yourself about income restrictions and report all earned income.
Report All Income Sources
The main sources of income to be reported on an individual tax return are:
- Wages, Salaries, Tips
- Self-Employment Income
These are additional, common sources of income that also need to be reported:
- Capital Gains
- Social Security
Beyond the most common sources of income, here are some additional sources that must also be reported with your income:
- Bonuses and awards (i.e. vacation trips awarded for meeting sales goals)
- Severance pay
1040 Forms for Individual Taxes
If you are an individual filing taxes, be sure that you know about the 1040 series of income tax return forms, what each of these IRS forms are for, and when to use them.
- Form 1040 (“long form”) is the basic IRS form which is used by individuals to report their income to the IRS.
- Form 1040A (“short form”) is limited to taxpayers with taxable income below $100,000 who take the standard deduction instead of itemizing deductions.
- Form 1040EZ (“easy form”) is limited to taxpayers with taxable income below $100,000 who take the standard deduction and have no dependents.
- Form 1040-X is specifically for correcting mistakes on 1040 forms. There is a section to reference the amounts on your original IRS return and a section to correct your mistakes.
Our team of CTEC Certified Tax Consultants, Tax Attorneys, CPA’s and Enrolled Agents at Tax Group Center provide tax preparation services for individuals including:
- Form 1040, 1040A, 1040EZ, 1040EZ-T, 1040NR and 1040NR-EZ, 1040X
- Schedules A, B, C, D, E, F, H, J, M, R, SE