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Form 1040

1040-form

All You Need to Know About 1040 Form

Ben Franklin talked about death and taxes, but he forgot to mention the IRS form 1040. The 1040 form is the only tax form that every American taxpayer needs to know about. Every American adult needs to file a tax return every year. That's the law. And that tax return is called the IRS 1040 form.

This is what the form looks like:

1040-form

The 1040 tax form reports your annual income for the year and determines how much of that income is taxable.

Let's save you time and money and simplify the process by looking at an overview of this form.

Table of contents

What is a 1040 form?...Read more

Who needs to file a 1040 form?...Read more

Understanding 1040 Forms for Individual tax returns....Read more

What are the different schedules used with the 1040 Form?...Read more

How do I access the 1040 tax form?...Read more

How to file the IRS form 1040...Read more

What do I need to fill out the IRS Form 1040?...Read more

Where to mail the 1040 tax return?...Read more

What is a 1040 form?

The 1040 tax form is the standard form issued by the Internal Revenue Service (IRS). Use this form to report your tax information. Also, you will need to report any deductions and credits you are eligible to claim. You may need to attach additional forms based on the income you report. These are known as Schedules.

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Form 8829

Form 8829

This form helps freelancers and self-employed individuals figure out what home office expenses they can deduct from their taxes.

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Form 1099

Form 1099

All self-empoyed individuals and freelancers who earn more than $600 during the tax year use this form to report their income to the IRS.

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Form 1040

Form 1040

This is the master tax form that every American, freelancer or not, needs to fill out after the tax year ends.

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Form 1040-ES

Form 1040-ES

All self-employed individuals and freelancers who expect to pay $1,000 in taxes for the year, are required to pay quarterly estimated taxes using this form.

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Schedule C

Schedule C

If you're running a business on your own, this the form where you report how much (knock on wood) profit you made or how much you (heaven forbid) lost.

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Schedule SE

Schedule SE

People who make a living working for themselves or freelancing use this form to pay Social Security and Medicare taxes.

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Form 8829

Form 8829

This form helps freelancers and self-employed individuals figure out what home office expenses they can deduct from their taxes.

Share
Form 1099

Form 1099

All self-empoyed individuals and freelancers who earn more than $600 during the tax year use this form to report their income to the IRS.

Share
Form 1040

Form 1040

This is the master tax form that every American, freelancer or not, needs to fill out after the tax year ends.

Share
Form 1040-ES

Form 1040-ES

All self-employed individuals and freelancers who expect to pay $1,000 in taxes for the year, are required to pay quarterly estimated taxes using this form.

Share

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Who needs to file a 1040 form?

The 1040 tax form is the standard form issued by the Internal Revenue Service (IRS). Use this form to report your tax information. Also, you will need to report any deductions and credits you are eligible to claim. You may need to attach additional forms based on the income you report. These are known as Schedules.
Who needs to file a 1040 form?

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Understanding 1040 Forms for Individual tax returns.

There’s no getting around it, once a tax year every taxpayer must fill out Form 1040. Luckily, all taxpayers can use the same Form 1040, which means you’re not alone on your quest to complete it. The only exception to this rule is for nonresident aliens. They will use the 1040-NR Form instead. There is also the Form 1040-ES, which is used for paying quarterly taxes, but the 1040 is the most common form and requires the most details. Find out which tax forms apply to you as a self-employed taxpayer with the Tax Form Wizard.

Form 1040-ES

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What are the different schedules used with the 1040 Form?

Filling out the IRS 1040 form isn't rocket science, but it does require a basic understanding of the form. It is important to follow the 1040 instructions to ensure a complete and accurate tax return. When completing your IRS 1040 Form, additional forms called Schedules must be completed and submitted along with the 1040. Not everyone needs to attach a Schedule, but in most cases, freelancers will need to at least attach the Schedule C.

Schedule C: Profit or Loss from business

Schedule SE: Self Employment Tax

Form 8829

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How do I access the 1040 tax form?

You can download the 1040 tax form on the IRS website. In addition, you can find printed versions of the form at your local library or an IRS Tax Assistant Center.
How do I access the 1040 tax form?

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How to file the IRS form 1040

The IRS form 1040 consists of 2 pages. The first page asks for general information about who you are, including your full legal name, date of birth, address, Social Security number and filing status. If you are filing a joint tax return with your spouse, make sure to add their date of birth and Social Security number. If you are claiming dependents on your tax return, you must add their name, date of birth, Social Security number and their relationship to you (the filer).

Reporting your income

Calculate your AGI

Check for credits and refund

Determine how much you owe

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What do I need to fill out the IRS Form 1040?

No one wants to spend time filling out the form more than once. To avoid this, before sitting down to fill out the form, gather the required information to complete the form in its entirety. Also, be sure to read over the form 1040 instructions before starting, in order to avoid errors.
What do I need to fill out the IRS Form 1040?
Provide your bank details to be used for direct deposit into your account if you receive any refund.

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Where to mail the 1040 tax return?

The IRS highly recommends you use e-filing for submitting your federal tax forms. However, if you wish to mail them by snail mail, there are a few things to keep in mind:
  • The IRS has multiple addresses for printed tax forms.
  • The addresses vary based on your state and whether you include payment. You can find this info on the IRS website under “Where to File.”
  • Mailing addresses also differ per document
  • Use certified mail with a return receipt request
  • FedEx, UPS, DHL Express and USPS are acceptable forms of delivery
  • Mailing your tax return may result in the arrival of your refund in about 6-8 weeks. If filing electronically, it will arrive in about three weeks

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Quick tip

The Form 1040 has a “building block” format, where taxpayers add the different tax schedules that apply to them before filing their tax return.

What’s FlyFin?

FlyFin caters to the tax needs of freelancers, gig workers, independent contractors and sole proprietors. But anyone can file taxes through FlyFin! FlyFin tracks all your business expenses automatically using A.I. technology. Then, our CPA team files a guaranteed 100% accurate tax return for you – to save you a couple thousand dollars and a ton of time on your taxes. In addition, you can download the FlyFin app and have your taxes filed in less than fifteen minutes, saving time and money.

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