As the tax season approaches, it’s crucial to know about the IRS updates, revised tax forms, and changes in compliance requirements. IRS tax forms are the legal documents which is used by taxpayers for reporting financial activities to the federal government for computing their tax liability. So, being a taxpayer, it’s important to know which IRS form you must file and when to file. In this blog, we have explained all those tax forms in detail for a smooth tax filing experience.
Herein, we have described the top 10 IRS forms that every beginner must know to file in 2025.
The IRS tax form 1040 is a standard federal income tax form that is used by US taxpayers for filing an income tax return. This tax form is filed either by citizens or residents of the United States. Moreover, this tax form is also used for claiming tax deductions and credits, and to compute their tax refund or bill.
The Form 1040-SR is used as an alternative to Form 1040 to file for taxpayers 65 or older. This form is similar to the Form 1040, so you can use it to report all the same types of income, deductions, and credits.
The IRS tax form Schedule A is used by taxpayers to calculate and report itemized deductions on their federal tax return. Also, this tax form is used to report the property taxes, charitable contributions, mortgage interest, state taxes, medical expenses, and other tax breaks. If you opt to claim the itemized deductions, then it’s best to go with the Schedule A form to list your deductions. With this, your itemized total will get subtracted from your taxable income.
Schedule B is another IRS tax form that is used for reporting taxable interest and dividend income received throughout the tax year. However, most of the taxpayers must file the Schedule B only when they are receiving above $1500 of taxable interest or dividends.
The Schedule C (Form 1040), Profit or Loss from Business, is an important tax form that is filed by freelancers, independent contractors, and small business owners. This IRS tax form is mainly used to report all business income, compute net profit or loss, and determine self-employment tax. However, if you are a sole proprietor or single-member LLC, you must file this form with the IRS.
Schedule D is an IRS tax form that is used for reporting trade, stocks, bonds, or other instruments. Within this form, you can tally your capital gains and losses throughout the tax year. The calculations from Schedule D are combined with the individual tax return Form 1040, which will affect the adjusted gross income amount.
The Form W-2 is a tax form that must be filed by the employer in January or early February. This form represents how much your employer paid throughout the year, and what exactly you contributed to your employer-sponsored retirement plan. Moreover, it also describes the amount of tax withheld on your behalf. Then, the copy goes to the IRS, so it’s essential to report it appropriately.
The IRS tax form 1098 is a Mortgage Interest Statement, which helps to report the amount of interest and related expenses a borrower paid on a mortgage throughout the year. However, it is essential to pay this form to both the borrower and the IRS when the total interest paid amount is $600 or above.
IRS tax form 1099 is a combination of different forms which is used for reporting payments that aren’t directly from an employer. Moreover, this form is used to report various types of income. It might consist of payments made to independent contractors, gambling winnings, rents, royalties, etc. The five forms that come under it involve 099-DIV, 1099-INT, 1099-B, 1099-MISC, and 1099-NEC.
Herein, the 1099-DIV form is used to report dividends and distributions from investments, and the 1099-INT reports the interest you earned on investments. At the same time, Form 1099-B is received from a broker and also lists your reportable investment activity. 1099-MISC and 1099-NEC are the forms which is derived from investments like money a client paid to you for freelance work.
The Form 1040-X, also called the Amended US Individual Income Tax Return, is used by taxpayers to correct errors. Also, this form is used to make certain adjustments to a previously filed annual income tax return. For filing the 1040-X, it’s essential to have copies of other tax forms. You can also file this form to make a claim for a carry-back tax because of a loss or unused credit.
The taxpayers have to file the IRS Form 4868 by April. You can either file them online or get a tax extension until October. In case your estimated tax payment sent in April is less than what you actually owe, then you need to pay interest on the difference. Furthermore, it is necessary that you don’t miss the deadline; otherwise, you need to pay a late filing penalty of 5% of the amount due every month.
Herein, we have described the different ways through which you can get the IRS tax forms.
Visit the IRS website that contains both the current and previous year tax forms, schedules, and instructions, which you can download as a PDF or in printout form. Besides this, the agency also provides the Braille-ready formats which operate with screen enlargers, screen reading, or the embossed printing.
You can directly contact the IRS and ask them to get the forms mailed. You must access the IRS main website to get the contact numbers according to your region or country.
There are a few tax software programs that provide blank IRS forms to check out as soon as you file your tax return.
The IRS File program provides blank fillable IRS forms to everyone, regardless of income.
You must look into the library or the post office to get the IRS forms. There are many library that offers free tax forms throughout the filing season.
You can browse to the local IRS office, i.e, Taxpayer Assistance Center, for getting the IRS tax forms.
Through this post, we hope that you have understood the top 10 IRS forms for beginners in 2025. Thus, it helps the taxpayers file the forms on time and avoid possible penalties or late fees. For a step-by-step overview of forms, deductions, and filing tips, don’t forget to explore our detailed booksmerge Tax Guide 2025 perfect for first time filers and small business owners Furthermore, if you require any additional help, then connect with the Booksmerge experts for better assistance.
