The Internal Revenue Service (IRS) is the foremost authority on tax administration in the country. The IRS is responsible for processing all tax returns by providing the citizens with services that enable them to meet their annual tax obligations.
Income tax returns are filed on April 15th of the fiscal year. In case the filing date falls on a Saturday, Sunday or any other public holiday, the due date is automatically moved to the next working business day.
All tax processing is done under the supervision and authority of the Department of Treasury. The IRS mainly governs everything from the filing of tax returns to processing claims for refunds, managing credits, and deductions for eligible applicants.
Processing is made easy with segregation of services under various free tax forms that can be filed with the administration. Filing of returns is one of the most important services provided by the IRS, and the process is different for each applicant. For ease of filing, services are divided depending on the type of applicant; these applicants are as follows:
Students
The IRS provides credit and deductions for students services that are beneficial from the viewpoint of education. Additional services that can be requested with free tax forms include exemptions on interest on the educational loan, Form 1098-T tuition statement, application of Federal Student Aid, and services for scholarship and fellowship grants.
General applicants
Individuals, businesses, and self-employed are eligible to file for income tax returns under this category. Filing for income tax, withholding, and employee investments are services offered and governed by IRS regulations for individuals. The manufacturer’s energy efficient appliance credit, IRC 30D credit, research credit, and deductions for eligible business expenses are some of the services for businesses and self-employed applicants filing tax returns.
Military personnel
Members of the military will benefit from services that are segregated to assist current and retired military personnel. Tax commitments, credits, deductions, retirement pay, severance pay, and other benefits applicable can be filed and claimed with free tax forms available. Special benefits for combat zone services, military incomes that are eligible for exclusion, and provisions for other tax benefits; moreover, claims can be managed online with free tax forms.
Parents, senior citizens, and retirees
The new tax law for governing all IRS transactions for applications filed by parents include services for filing and credit for dependent care, adoption credit, child investment income, and financial aid available for supporting the child’s education. Senior citizens and retirees can benefit from filing for retirement income that includes pension, annuity earnings, individual retirement account distributions, and retirement savings. Free tax forms can be utilized to file for special services and benefits ranging from social security and railroad retirement benefits.
Popular free tax forms available for filing returns with the IRS.
Form W-9
One of the most important among free tax forms available with the IRS is the Form W-9. The form allows applicants to file for a new taxpayer identification number (TIN) and certification. You can either use your social security number or employee identification number as a basis for requesting a TIN. Applicants must be citizens of the country or permanent residents.
Form W-7
This form governs with the application for a unique TIN by any applicant who is not a citizen or a permanent resident of the country.
Form 1040
For governing U.S. individual income tax returns, Form 1040 is applicable. The form includes details of the applicant, filing status, applicable exemptions from individual income, income declared for taxation purposes, applicable credits, and other taxes. Applicants include salaried employees, military personnel subject to certain benefits and exemptions, businesses, and self-employed entrepreneurs.
Form 1098-T (Tuition statement)
Students who qualify for educational tax benefit are required to file returns using Form 1098-T. The tuition statement includes payments made and actual amounts billed for the qualified tuition and related expenses. Form 1098-T is among other free tax forms that require both the student’s tax identification number and the filer’s federal identification number.
Form 1040-EZ
Applicants who are single or married and claim to have no dependents, earn a taxable income that less than $100,000, and claim no adjustments to be made to the taxable income can utilize Form 1040-EZ to file for income tax returns. Form 1040-EZ allows the applicant to claim earned income credit.
The aforementioned forms are applicable for the current year of filing income tax returns, while there are additional forms that allow for the filing of previous returns. Form 1040 is available for filing both the previous year and for 2015, applicable only for citizens or permanent residents of the country.
Free Filing Software
Applicants who have income below $66,000 can utilize the free filing software available on the official IRS website file taxes and state returns. The free resource is beneficial for people who know and can manage to calculate the taxes and its inherent implications before filing the same. The software offers basic guidance for filing but does not offer state tax prep.
