Understanding Tax Forms

July 10, 2012 by  Filed under: Taxes 

Because everyone’s filing status is different, there are various types of tax forms a person would use to prepare taxes for delivery to the IRS. If you’re not sure how to fill out certain tax forms, you can get free tax help by meeting with a social service agency worker to learn how to fill out the tax forms. You can also obtain IRS tax help by talking to a taxation expert in your area who works with a nonprofit organization. If you want to know more about this topic, you can read the tips and guide below.

Your W-2 form is one of the most important forms you’ll need to prepare tax returns and it’s important to understand what’s included in it. When you get your W-2 form you’ll get three copies. Part A is what you’ll include with the state tax return and Part B of the W-2 form should be sent with your federal tax return and Part C should be kept for your records. The W-2 form also has several boxes and Box 1 will include your taxable wages and benefits. Box 2 includes the amount that was withheld in taxes. Box 4 has the amount that was withheld in Social Security tax.

Here is how you should read your 1099-R form, which you usually receive if you have a retirement account. Box 1 on the form is the amount of money you were given from the retirement account and there is also a section on the form which lets you know the amount of federal income tax that was withheld and there is a section on the form that states the amount of contributions you made to the account.

One way of getting free IRS tax help is by reading some online articles about how to understand and fill out tax forms. Many of the articles are written by regular taxpayers, taxation lawyers, accountants and nonprofit organization directors who are experienced and skilled on this topic. When reading the articles, write down key points to remember on an index card so you can refer to them when you file taxes.

There are various types of tax forms you can fill out and this sometimes causes stress when you’re preparing taxes. But with research and advice from trusted professionals, it’s possible to understand the tax forms. A proper understanding of how to fill out tax forms will also reduce chances of errors on your tax returns.

Are you looking for more information regarding Tax Forms? Visit http://irshelptax.net/ today!

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