If you have some source of income and if the income exceeds the minimum taxable limit thence you are required to file your tax returns.
Income tax forms are used for filing the tax returns. There are numerous forms and every form has specific purposes. Income tax forms will be obtained from libraries, post offices or schools in your locality. It could’ve been downloaded from IRS website also. Paper tax forms have lost its significance, with the inception of e filing of returns. Notice, there’re certain forms in the IRS website that can not be downloaded for filing returns. These forms are called information only forms. Even the photocopy of these forms can not be used. This is as the original paper forms are machine readable. Certainly, it has a bar code which the machine will read. It is if you photocopy it the barcode becomes unidentifiable. You should take it into account. Form 1096 and form 8109B; and the series of 1098, 1099, 5498, and 5500, Examples of information only tax forms are W2 and W3 series with one or two exceptions.
Thorough knowledge of every of the documents is required if you are filing your tax returns yourself. Improper use of the tax forms may invite fines from the IRS. It’s better to seek the assistance of a CPA, a Accountant or a IRS Tax Lawyer, I’d say if you do not know the proper forms to be used. Nevertheless, they will know the proper documents to be used, as there are professionals who know the IRS procedures inside out. That said, while filling the tax forms also care has to be taken. You will end up paying additional taxes or reduced taxes, if you don’t fill in the details of income correctly.
On top of that, you should be penalized and you will have to pay interest for the outstanding tax, Therefore if you pay less tax than is required to pay.
It’s an interesting fact that the return you file will go into someone else’s account, I’d say in case you enter the wrong social security number.
It may be detected while filing itself, I’d say in case there is any calculation error in your income tax forms. Nevertheless, you should be contacted by IRS authorities, I’d say if you forget to attach supporting documents. By the way, the amended return has to be filed at the earliest with supporting documents, if you did not include any income in your income tax form while filing returns. Otherwise you could be penalized when the discrepancy is found.
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