Tax return is a form that is filed by all individuals with the minimum set income level as well as corporations, estates, trusts and partnerships and so on. On the federal level they are directed to the Internal Revenue Service (IRS), on the state level – to appropriate state authorities. Tax returns are prepared using the forms of IRS.
Forms
There is a number of tax return forms that vary with regards to filer and their income situation and general complexity of each case. Major points indicated in a tax return are filer’s income and deductions as well as all the credits they might be eligible for. Finally, the total due tax amount is calculated in accordance with the tax brackets set for the given amount of taxable income.
A basic income tax return contains of the main form and also some additional forms and schedules, if necessary. Various forms are available for individuals and corporations with regards to the number of income sources and general complexity of a filer’s case. The most common income tax form for individual filers is IRS Form 1040. In case a filer’s situation is fairly simple, form 1040-EZ is filed, it only requires form W-2 (wage statement from employers) attached to it.
The list of Texas State Tax Forms
Texas has no income state tax; however, Texas residents are supposed to pay federal income tax as well as the number of various state and local taxes. The most frequently used forms are:
- Sales and Use Tax (WebFile free online option is also available here)
- Franchise Tax
- Fuels Tax and IFTA and Interstate Truckers
- Property Tax, etc.
For full list of state tax return forms go to http://www.window.state.tx.us/taxinfo/taxforms/00-forms.html
Due Dates
Federal income tax returns, no matter whether they are filed by individuals or businesses of any sort, must be filed on or before April 15. The returns from corporations are expected 2.5 months after the file returns are received, partnership ones – 3.5 months. It is possible to get an extension for a return in some cases but they mostly apply to individual single-page forms. In case of state returns, their due dates vary with regards to the state.
Texas IRS and State Tax Form Deadlines
Federal Tax Deadlines
- Jan 15th (4th quarter individual estimated tax payments)
- Feb 28th (W-2, W-3, 1099’s filing date)
- Apr 15th Individual, partnership and trust federal income tax return due or extension)
- Apr 15th (1st quarter individual estimated tax payment)
- Jun 15th (2nd quarter individual estimated tax payment)
- Sept 15th (3rd quarter individual estimated tax payment)
- Oct 15th (Final extended Individual Federal income tax return due)
State Tax Deadlines
- Jan 20th (Monthly, quarterly, annual sales tax reports (20th of each)
- Jan 31st TWC quarterly reports (30 or 31 of every 3d month)
- May 15th Texas Franchise Reports or extensions
For full list of report dates go to http://www.hlb-cpa.com/deadlines/i-r-s-and-state-of-texas-tax-form-deadlines/
Ways to File
Tax filing is one of the most disliked things Americans have to do. The reason is that the process is complicated and many people have to apply for side assistance in order to do everything properly and in due order.
A tax return can be prepared by filer themselves and then sent in one of the following ways:
- by standard mail
- by a designated private carrier
- filed electronically
Taxpayers have an option to prepare and e-file their federal tax returns free of charge now through IRS website. Filers with incomes not exceeding $58,000 can use IRS Free File option. Besides, there are 19 software companies that cooperate with IRS directly and offer tax preparation at low prices. They also help preparing state returns. In order to get free service from them one should go directly from IRS page.