Taxpayers in the United States generally have until April 15, or two and a half months after the end of their tax year, to file their tax return completely. If you require reminders on taking care of your clients’ debts, here are some things to know about the different tax forms to ensure you don’t miss filing them on time.
If Your Client Is an Individual And Wants To File Different Tax Forms
Form W-4: This calculates the amount that should be retained from an employee’s paycheck. Often, this form has no deadline because you or your client can accomplish it as they are hired as employees and updated as necessary. However, if your client is exempted from tax withholdings over the past year, you need to file a new Form W-4 with their employer by February 15 to spare them in the upcoming year.
Form W-9: This is not presented to the IRS, so there is no deadline to file the form. Instead, you must seek the Social Security number or Taxpayer Identification Number of independent employees.
Form 1040: This is the most common tax form that individual taxpayers use. There are different versions of this, and it’s always due on April 15.
If Your Client Owns a Business
Form W-2: This reports the wages and taxes of employees withheld throughout the year. You must file it with the Social Security Administration by January 31. Employees must also receive a copy by February 1.
Form 1099: This comes in various solutions and due dates. The Form 1099-NEC or Non-Employee Compensation contains information on payments over $600 given to freelancers, independent contractors, and other non-employee works that you must file by February 1. Another version is the Form 1099-MISC or Miscellaneous Income, which details the different types of payments a company makes that you must file by March 1 when using paper. On the other hand, if filing it digitally, you should submit them on March 31.
Form 1120-H: This is a tax return for Homeowners Associations to help them gain from specific tax benefits. Its deadline is on the 15th day of the fourth month after the end of the HOAs fiscal year. Meanwhile, if the fiscal year ends on June 30, you must file the form by the 15th of the third month after the end of the fiscal year.
Filing a simple tax form is almost as complicated as writing a program that helps people fill it out in the US. The problem with the US tax code is that it’s not just too long—it’s also quite complicated. There are so many special cases, glitches, exemptions, credits, deductions, and ways of avoiding the rules that the amount of time required to figure out what people owe can be exponential. It’s a lot more like programming than dealing with forms should be.
Filing Your Tax Forms
When it comes to filing different tax forms in the US, being familiar with them and when they’re due is crucial and part of your job. As a tax professional, your responsibility involves helping others out, whether they’re individuals or business owners. You must strive to navigate the complicated process to ensure you can meet your clients’ needs.
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