Important Tax Forms

Important Tax Forms

What makes a financial form important is how it relates to you. If you have a business dealing with wagers and betting, you should definitely know about Form 730: Monthly Tax Return for Wagers. You must fill out this form if you operate a betting pool, a lottery, or prize giving contests. If you host an event for profit where you accept wagers on behalf of those who aren’t present, the money you earn must be claimed and is subject to taxation.

Most people would not be interested in that form because it is an uncommon situation. More common forms are things like Form W-9: Request for Taxpayer Identification Number and Certification. This is a form businesses use often when they hire contractors or people who work on a commission basis. It differs from Form W-4 because it does not make allowances for withholding taxes.

If you are a student who has received financial aid or scholarship money there are a whole slew of forms associated with reporting that money. If you are an investor there is another batch of forms that is tailored to your business dealings. There are so many different forms and so many rules and quirks associated with taxes that one of the only ways you can be certain you are filling out all of the most important forms for finance is to hire a CPA.

Knowing about important financial forms is part of what Certified Public Accountants are trained for. Much of what a CPA learns are the ins and outs of the complicated tax code, and what forms should be used to report any monetary situation. If you have a large corporation, a small business, or many varied investments, going to a CPA is the best way to make sure you don’t miss any forms, and that you are following the tax laws. For example, managing payroll for a few employees is easy, but when you start to add benefits and more employees it can become too much to handle on your own.

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