Tuesday, April 21, 2009

Information about IRS Forms

If you aren’t familiar with the many IRS forms you can look in their booklets or on their website. They try to make available as much information as possible to assist you with completing your forms as quickly and painlessly as possible. The many booklets give guidance on most issues and you can also contact an IRS representative if you have any questions.

There are also IRS forms that have to be completed outside of your tax returns. For example the form 2290 is a Heavy Use Permit. Truck drivers that own their own rig have to complete them. Most farmers have to do so as well depending on the empty tare weight of their trucks. These forms have to be completed by July 1st of each year or the IRS can put a lien on property and cash assets. The cost of for each vehicle is $550 and covers the amount of wear and tear on roads due to these heavy vehicles.

Businesses have forms to complete that generally we as an employee would never see. Employers have to submit forms to the IRS on a regular basis. In most instances these are concerning paying tax on what an employee has earned. It is very important to comply with these requirements so your business doesn’t end up in trouble with the IRS.

For more on this business article or Information about IRS forms