Actually, the most formal(and common) use is Past tense when not speaking in dialogue. This is done mostly in Third person, while dialogue is present tense, and in first person.

Example-Third Person Formal(Past Tense)text- Allen found himself distraught before the squad of slayers, three had followed his lead to find a nest of Golden Geckos, but all that had been found was the remains of brutally slaughtered beings. The normally massive beasts of mass irradiation seemed to have been devoured and devastated by a creature much larger than themselves.

Example-First Person Dialogue(Present tense)text- "Andrew, Denise, Marcus.. It seems something far worse is here, the Golds are no threat now, but I am pretty sure that is bad news, with this evidence at least."

^^ Just trying to help out.