Archive for the 'Filing 1040 forms' Category

What Form 1040 is made of

December 20th, 2008 -- Posted in Filing 1040 forms | No Comments »

The Internal Revenue Service (IRS) Form 1040 has the following sections:

107   Label

This section contains the taxpayer’s full name, as well as the spouse’s, if married. The taxpayer will also have to indicate his full, accurate mailing address and Social Security Number (SSN).

108  Filing Status

This is the section where the taxpayer will indicate his social status at the time of the tax filing – single, married filing jointly, married filing separately, head of household, and qualified widow/widower.

109  Exemptions

This lists your personal exemptions, your spouse’s, as well as your dependents’. Make sure that you check first if you are qualified for the exemptions before you list the individuals down in your tax return.
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110  Income

All income sources should be reported. There are certain incomes that require additional forms – so make sure you know which is which. In this section, the taxpayer will have to indicate taxable interest, capital gains, retirement allowances, and all such types of income sources.

111  Tax and Credits

This is located at the back page of Form 1040. This is the section where the taxpayer will deduct the standard or itemized deduction and exemptions in order to compute for the taxable income. Knowing the taxable income will let the person know his tax liability.

112  Payments

This is the section where the withheld income tax is indicated, as well as the earned income credit and additional child tax – which are all refundable credits.

113  Refund and Amount you Owe

This section reflects the refund and balance due after subtraction the total taxes from the total payments.

114  Signature

The taxpayer’s signature is required for this legal document. This certifies that the data filed is accurate and correct.

What Factors to Consider in Choosing your Tax Form

December 19th, 2008 -- Posted in Filing 1040 forms | No Comments »

There are factors to consider when choosing which form to use to file tax. These factors are necessary to point out so that the taxpayer will be able to decide to use to the most appropriate form. Using the correct, most suitable form will help avoid any hassles or mistakes in the processing of taxes.

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The factors include:

107 How complicated the taxpayer’s financial situation is
108 Marital status of taxpayer
109 How many dependents
110 Ownership of home or business

It will also help to grab copies of each form from the local post office or library in order to compare them personally to find out which can most reflect your actual financial status. These forms usually come with step-by-step instructions that you should follow to the dot, if you want to maintain accuracy.

These days, with e-filing software applications coming out, it has become much easier to file taxes. The software itself will make the decision on which form is most suitable based on your replies to its questions.

The automated filer is useful, but it is still important for every taxpayer to understand the tax system and that includes the forms that are issued by the Internal Revenue Service (IRS) for use of each individual.

Form 1040 is the standard document, which has two pages. Any taxpayer who is involved with so many financial activities can use it. Its comprehensive nature allows the person to have more options for deductions and conditions. Those who have simpler financial information to file, have the 1040A or 1040EZ as their options.

Where to Get Help for Filing Form 1040

December 18th, 2008 -- Posted in Filing 1040 forms | No Comments »

These days, it is easier to get hold of information about filing of taxes. So much information can be gathered from the Internet about the Tax Form 1040, its other versions, and what to do with them.

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Sites can help in explaining what deductions are available to the taxpayer. The individual can check how he or she can qualify for these deductions – and know which forms are needed to file them. Through the Internet, you will be able to know which kind of form to use for your situation or status.

The Internal Revenue Service (IRS) maintains a site – the IRS 1040 Central that provides the instructions on how to process federal tax refunds. This site also provides information on the details and explanations of any changes in the tax laws.

Individuals can also use the links and instructions provided to electronically file taxes through the IRS for free. Other information on the site includes information on tax rebates and tips on how to choose a tax expert who can help. There too, are tools that the taxpayer can use to check the amount and status of his rebates, and to determine if he is eligible to get any.

Electronic filing or e-filing is free if you use the IRS site. There are commercial sites that offer the same services, but they will charge you with fees. Some of these sites also have very good information, as well as tools to help you file your taxes properly. You can choose to use their tools and calculators to compute for your taxes, but don’t use them to actually file your tax forms, unless you don’t mind paying.

Filing Tax Form 1040

December 16th, 2008 -- Posted in Filing 1040 forms | No Comments »

Every year, those who are earning a stable income are required to file for tax returns to the Internal Revenue State and by doing so must submit the tax form 1040.  This form has been made available now for almost everyone through the internet, but there are still problems regarding this form, particularly due to the breakdown of the 1040 form, which are the 1040-EZ and the 1040A.  These two forms are simplified versions of the 1040 form in way that each form is made especially for those with a certain income, which will reduce the time to calculate and submit your tax returns.
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Though technology has made acquiring and filling up tax forms a lot easier, some people still have problems with regards to answering and submitting those forms to the IRS. In order to avoid submitting the tax forms late, it would be best to seek for 1040 form help by calling the IRS customer service or visiting their official website for instructions regarding the tax form 1040.  There are general instructions, usually under the form itself, that will guide you on what information to input, how to calculate your tax return and where to go and submit the finished form.  You can download it from either the IRS website as a PDF file or call customer service and ask them to send a digital copy of the tax form 1040 to your email account.  If you qualify for either the 1040-EZ or the 1040A forms, then you can do so as well.

Help in Filing Form 1040

December 15th, 2008 -- Posted in Filing 1040 forms | No Comments »

When filing for income tax return, you are supposed to submit the tax form 1040 and send it to the IRS promptly every year.  The Form 1040 is what you fill up when reporting your income, claim certain deductions, and to calculate the overall income tax for the year.  After several improvements the 1041 form has been broken down to two forms known as 10410-EZ and the 1040A in which both have different criteria and different set of instructions for people who are either employed or who are generating their own income.
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Sending the tax forms on time is very important because the IRS and the Department of Revenue of the state that one belongs to reprimand those who do not pay their taxes and submit their forms on time.  Unfortunately, some taxpayers still find it difficult to fill up and submit their tax forms because they do not know exactly what information to enter and the submission instructions right after filling the necessary information.  This delays their processing, so as early as now the instructions for tax form 1040 must be read and understood thoroughly to avoid any problems in the future.  There are websites that offer 1040 form help, as well as easier instructions on what to do right after answering the tax forms.  You can also consult the customer service of the IRS if you are still confused on what to do with the Form 1040 so that they can answer any question, inquiry, and clarification that you may need.

When to File Form 1040

December 15th, 2008 -- Posted in Filing 1040 forms | No Comments »

Every year every individual taxpayer has to accomplish filing his income tax return with the Internal Revenue Service or IRS. Using the appropriate forms that are issued by the IRS, one can properly document his financial situation and file any tax returns that may be due him.

The filing of income tax returns for a calendar year is scheduled to be due on April 15 of the next year. Now, if this date falls on a weekend – either Saturday or Sunday, the deadline for filing will be on the following Monday.

In Massachusetts, if that Monday incidentally is Patriots Days, then the taxpayers in New England will have until the coming Tuesday to file their forms. Patriots Day is a holiday that some US states like Massachusetts, Maine, and Wisconsin celebrate.

The form concerned is called Form 1040 or the US Individual Income Tax Return form. It is also dubbed as the long form since it is composed of two pages that have a lot of sections to be filled up. The 1040 form is a lengthy form compared to its other versions – the 1040A and 1040EZ.

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Form 1040A is the short form since it is relatively shorter than the 1040, but more comprehensive than the 1040EZ form. The easy form or 1040EZ is really, really short – usually about one page long and only includes two sections.

Anyone can use Form 1040 to file. The other two can be used for those who have less complicated financial information to report to the IRS for taxes due and for tax returns.