1040 business definition

The standard IRS form used by individuals to file annual income taxes. Alternate versions of 1040 are available, including 1040A (taxable income under $50,000 with no business ownership or itemized deductions), 1040EZ (taxpayers with no dependents, income under $50,000, and interest income of $400 and less), and 1040NR (U.S. nonresident aliens). Also called Form 1040.