Tax Preparation Help

Below is a flow chart indicating the different steps in tax preparation.

When can I use substitute tax forms?

A taxpayer can use his or her own version of a tax form if he or she meets certain IRS requirements for using substitute tax forms. These requirements are outlined in IRS publication 1167 called the General Rules and Specifications for Substitute Forms and Schedules

Waiting for W-2 and 1099 forms

Forms such as W-2 and 1099 forms are information returns that the employer or companies making payment to the taxpayer report to the IRS. The IRS uses these information return to match information on the taxpayer's tax return for accuracy check. If there is a discrepancy, the taxpayer might get a letter from the IRS about it or the IRS may even audit the taxpayer.

Generally, the taxpayer will wait for the information return forms such as W-2 or 1099 forms to arrive to them before filing his or her tax return because he or she will need to input all the numbers on those forms in his or her tax return to report income and tax withheld, etc.