Individual Personal Tax Return (1040) - ENGAGE CPAs

An individual tax return is an official form that a person submits to a federal, state, or local taxing agency to report all taxable income received during the previous year. The tax filing is accompanied by a payment if a tax amount is owed, or a refund is issued if tax was overpaid. The Internal Revenue Service (IRS) is the federal taxing authority in the U.S and the form is Form 1040.
If you own a sole proprietorship, a single-member LLC, a partnership, or an S-Corporation, this is the form you'll use to pay your income taxes, for you and the business. A partnership and S-Corporation have an additional filing requirement, but the tax owed on business income is still all personal income tax to the owners.
The individual or personal income tax return is due every April 15th. Every taxpayer has an option to request a 6-month extension, as long as that request is submitted by April 15th.
But, there’s a catch, the extension is not a way to stick it to the government and make them wait every last second for their money. The extension is an extension to file but not to pay. Interest and penalties will continue to accumulate on the amounts owed when you eventually file. So make sure that when you submit your extension request, to buy yourself some more time to gather documents, you should also pay in a healthy tax estimate to make sure your tax bill is covered and you don’t end up paying the IRS interest and penalties that you don’t need to.
This is one of those documents that you must save in your own files and folders, in your Dropbox, iCloud, etc. You should have this on hand should anyone request it. And you should also have copies of all tax documents that you received and workpapers and emails that were used to prepare your tax return. You should keep these records and receipts for atleast 7 years should they ever be subject to an audit.