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6 US Tax Forms You Should Know - BookkeeperLive

When it comes to managing your finances and staying compliant with U.S. tax laws, understanding key tax forms is essential. Whether you're a business owner, freelancer, or simply filing your personal taxes, knowing which forms to use or when to outsource tax preparation service can save you time, money, and stress.

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6 US Tax Forms You Should Know - BookkeeperLive

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  1. 6 US TAX FORMS YOU SHOULD KNOW

  2. IRS FORM 1040 Purpose: To report individual income and calculate federal income tax owed or refunded. Who Uses It:All individual taxpayers. Key Info: Includes details of income, deductions, and credits.

  3. FORM W-9 Purpose: To request a taxpayer identification number (TIN). Who Uses It:Freelancers, contractors, and businesses working with independent workers Key Info:Helps businesses report payments to the IRS.

  4. IRS FORM W-4 Purpose: To determine tax withholding from an employee's paycheck. Who Uses It: Employees starting a new job or updating their withholding. Key Info:Ensures correct tax amount is withheld based on personal circumstances.

  5. IRS FORM 4506-T Purpose: To request a transcript of previously filed tax returns. Who Uses It:Taxpayers needing documentation for financial institutions or audits. Key Info:Can be requested for various purposes, such as mortgage or loan applications.

  6. IRS FORM W-2 Purpose: To report wages paid and taxes withheld by employers. Who Uses It: Employers provide it; employees use it to file taxes. Key Info:Essential for tax filing by employees.

  7. IRS FROM SS-4 Purpose: To apply for an Employer Identification Number (EIN). Who Uses It: Businesses, trusts, estates, and other entities. Key Info:Required to establish a business entity with the IRS.

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