As the April 15 deadline draws near, millions of Americans scramble to complete a federal income tax return in the coming days. Federal business income tax is also due, so many small business owners will need to complete federal income tax forms as well. The good news is that plenty of helpful federal income tax information, including tips and tricks to fast federal income tax filing, is available online.
Federal income tax filing no longer needs to be a fearsome or tedious task. Numerous federal income tax articles are available to assist you with your US income tax return. Depending on how you have set up your business, the IRS requires you to file certain federal income tax USA forms. You will need:
1. A federal 1040 Tax Form and Schedule C or C-EZ if you have a sole proprietorship.
2. A federal 1040 Form and Schedule E if you are a partner in a partnership.
3. A federal 1040 Form and Schedule E if you are an S corporation shareholder, as well as an 1120S for the S corporation itself or an 1120-A for a regular corporation.
Action Steps
The best contacts and resources to help you get it done
Find your 1040 tax form
Online resources will help guide you to which form(s) you must file to complete your federal income tax USA obligations. You can also find general federal business income tax information, including the instructions associated with each form and links to helpful references.
I recommend: Find your federal income tax forms at the very comprehensive and user-friendly
IRS website. Besides, it's hard to go wrong when you start right at the source.
Figure your federal income tax
The days of pencil-pushing, paper-shuffling, and old school calculators are over. You can now use the robust tools provided by one of the many online tax preparation software options to figure your US income tax quickly, accurately and almost effortlessly.
I recommend: My favorite site for preparing any 1040 filing is
TaxACT. The site automatically flags potential problems that the IRS might find with your tax return, and it also provides general federal income tax information to assist you in every step of the filing process.
File your federal income tax form
E-filing is an attractive option these days. Not only do you save a stamp, but if you have any money coming back, you will receive it much faster. On the other hand, if you have to pay, you can pay by credit card in order to take advantage of points, miles or any other perks you get with you card.
I recommend: Most of the online tax preparation sites offer an online payment option. However, if they don't (or if you filed a paper form),
American Express and
Visa both have solutions to assist you.
Tips & Tactics
Helpful advice for making the most of this Guide
- Almost all of the tax preparation sites will figure your federal income tax for free and then allow you to choose whether or not to actually file the forms. Sometimes subtle differences in the tools and tips provided in them lead to different tax outcomes. Therefore, before submitting your 1040 filing, you should run it through at least 2 programs to make sure that you have not missed any deductions or credits.
The official source of Federal Income Tax is the Federal Income Tax page at Business.com
Related Resources from Business.com
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