Top Tax Forms
Tax Preparation
March 18, 1998

Form 1040: The Mother of all forms. Younger Brothers 1040A and 1040EZ. (For a complete overview of Form 1040 and all of the other forms noted here, check out IRS Publication 17.)

Schedule A: For all of your itemized deductions, including medical, taxes, interest, charity, and miscellaneous. Publication 17 also provides an overview of Schedule A and its related components.

Schedule B: Report your interest and dividend income here. Publications 17 and 550 deal with this schedule.

Schedule C: This is where you report your business income and expenses. If you have a business profit, you'll also need to become acquainted with first cousin Schedule SE. You'll use Schedule SE to report and pay your Self Employment Tax (otherwise known as FICA and Medicare). IRS Publication 334 will deal with Schedule C. Schedule SE is discussed in IRS Publication 533.

Schedule D: Where you'll report the sale of capital assets, including stocks, bonds, and mutual funds. IRS Publications 544 and 550 will provide you with additional information.

Form 4797: Where you'll report the sale of business assets, including rental property and personal property used in your trade or business. This Form also reports a bunch of other stuff not reported on any other Form or Schedule.

Schedule E: A multi-purpose form on which you will report your rental income and expenses on Page 1, and your income/losses from Partnerships, S-Corporations, LLC's, and Trusts on Page 2. IRS Publication 17 provides an overview of Schedule E.

Form 4562: Your depreciation Schedule. If you have assets that were purchased for business or rental use, you'll report 'em here. IRS Publication 946 will give you additional information.

Form 2106: The Form that the IRS doesn't want you to know about. Report your un-reimbursed employee business expenses here. IRS Publications 463 and 529 will provide greater insight.

Form 2441: Where you compute your Dependent Care Credit. IRS Publication 503 provides instructions and examples.

Form 5329: Where you compute your "penalty" taxes on the early distribution from an IRA, SEP, or other qualified pension/profit sharing/deferred compensation plan. IRS Publication 590 will explain in detail.