INDIVIDUAL TAX RETURNS
All citizens are required to file US taxes. Everyone who earns income over a certain threshold must file an income tax return with IRS. Form 1040 is what the individual tax payers use to file their taxes with IRS (internal revenue service). The form contains sections that require taxpayers to disclose their taxable income for the year to determine whether additional taxes are owned or whether the filer will receive a tax refund.
The form determines if additional taxes are due or if the filer will receive tax refund .Personal information such as name, address, social security number and the number of dependants are asked for on form 1040. A filer also needs to report wages, salary taxable interest, social security benefits and other types of income. Taxpayers may need to file supplemental tax 1040 forms depending on their situation. Self –employed individuals and business owners are requires to report and pay their quarterly using form 1040ES