There are several types of federal tax return forms. Individuals and businesses are required to use the form that best fits their particular circumstance and allows them to claim the income, deduction, etc. that apply to them.
If you are a new business owner and are required to obtain an Employer Identification Number (EIN) for tax purposes, IRS-EIN-Tax-ID offers a simplified online application to avoid common mistakes. Your EIN will be delivered to you via secure email within 24 hours.
Individual Income Tax Return (Tax Form 1040)
IRS tax form 1040 is the basic tax form used to report an individual’s federal gross income. This included goods, money, services, and property. Form 1040 is more extensive than other forms and is considered the “long form”. Furthermore, form 1040 allows individuals to claim various tax credits and expenses, adjusted income, and itemize deductions. Form 1040 provides more opportunities than the shorter forms to reduce their tax obligations.