Tips in Doing your Form 1040

December 22nd, 2008 -- Posted in 1040 tax forms | No Comments »

Some people choose to use a professional to help with the filing of their income tax returns. Some others use the software applications that allow electronic filing of taxes. The more traditional ones prefer to accomplish the preparation of their tax returns on their own using the actual forms. For these people, doing it helps them learn a lot in the process.

Every taxpayer’s situation is unique so, there are different ways to really completely fill up the Form 1040. For those who want to be sure and do not trust themselves in doing a great job at filing, they hire professional tax people.


Here are some tips:

107  For any additional information on the forms or schedules, check the Internal Revenue Service (IRS) site or call their toll-free line for live telephone assistance.
108  There are Taxpayer Assistance Centers that can also help with any concerns about tax filing. Check the IRS website for the exact locations of these centers.
109  Employ the services of tax professional and experts if you are not sure about your skills in doing your taxes.
110  Learn to differentiate wages and income.
111  Strive for accuracy. Providing false data or giving inadequate details can put some red flags on your tax returns, which may trigger an audit by the IRS.
112  Never ever sign a blank tax return form and just leave everything with the tax person. Sign the document after the tax professional has completed everything you hired him for. This is after both of you have worked together in completing the details and making sure they are accurate.

Tax Return and Form 1040

December 22nd, 2008 -- Posted in 1040 tax forms | No Comments »

Everyone has to file for tax returns to the Internal Revenue State and the Department of Revenue to which state the person permanently resides in.  The tax form 1040 is what people use to report their annual income, calculate their tax returns, and to claim privileges such as deductions and credits.  The form is divided into two, the 1040-EZ and the 1040A tax forms, which can be downloaded off the internet from the IRS official website.  These forms are shorter than the 1040 form but are distinct from one another in terms of eligibility and requirements.  For the 1040-EZ tax form, those who are eligible must abide by these conditions:

1.  Total income under US $100,000
2.  Interest income under US $1,500
3.  Income sources are wages, interest, Alaska Permanent Fund dividends, and unemployment compensation
4.  You and your spouse are under the age of 65
5.  No adjustments to income
6.  Claiming only standard deduction
For tax form 1040A:
1.  Income sources are from wages, internet dividends, capital gain distributions, taxable grants and scholarships, pensions, annuities, and IRA distributions
2.  Claiming of income adjustments such as classroom expenses, IRA contribution deductions, and student loan interests, and college tuition fees.
3.  Claiming standard deduction
4.  Taxable income is US $100,000 or less
5.  Claiming tax credits such as child tax credit, Hope and Lifetime Learning education credits, earned income credit, child and dependent care expenses, etc.

For more information and 1040 form help, you can visit the official website of the Internal Revenue State.

Who Needs Form 1040?

December 21st, 2008 -- Posted in 1040 tax forms | No Comments »

All US citizens and resident aliens regardless of where they live file Form 1040. Others who do not have to file for returns should still file this form to a refund of any income tax withheld. Others need to file Form 1040 if they are qualified for any credit like:
107  Earned income credit
108  Additional child tax credit
109  Health coverage tax credit
110  Refundable credit

Form 1040 is the right form to file if the taxpayer’s income is big, if he has a complicated investment portfolio, or if he has a lot of income sources to report. The longest form among three, Form 1040 is to be filed if you want more criteria to fill in order to get more deductions or tax options.

The taxpayer needs Form 1040 if:

111  His taxable income is $100,000 above
112  There are itemized deductions
113  Based on Form W-2, Box 12, there are uncollected tax on tips or life insurance
114  Based on Form W-2, Box 12, there is code Z
115  He received $20 up in terms of tips in any one month and failed to report to the employer
116  He owes excise tax on stock compensation from an expatriated company or corporation

Should you need help in filing your tax returns or should you feel confused about which form to fill up, you can choose to employ the services of accountants or go to the IRS website to use the free e-filing services being offered. It will be best to read up about the many forms in order to file the taxes correctly.

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.
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.

When Filing for Form 1040

December 20th, 2008 -- Posted in 1040 form Assistance | No Comments »

Tax forms are very important for every citizen of this country, which is why they have to be filed and submitted every year to the Internal Revenue State and the Department of Revenue according to the state that you belong to or live in permanently.  For calculating tax returns, annual income, and checking if one can avail of deductions and credits, you will have to use Tax Form 1040.  If you are having trouble filing for tax returns and are unaware of the changes implemented, here are 1040 form help tips to look into:

1.  The 1040 tax form is divided into two: 1040-EZ and the 1040A forms.  These two forms simplify the process of filing for tax returns and are eligible for people who earn a certain annual income every year.  Check if you are eligible for any of the two forms and read through the instructions so that you will not get confused in the end.
The IRS provides these tax forms for free, so if you are in need of a copy you can visit their official website and download a digital copy from their databases.
If downloading from their website is too much of a hassle, you can always call the customer service and ask for Tax Form 1040 or any of the sub-forms.  You can request that the forms be sent to your email account and from there you can download them easily to your computer.
Make sure that you read the instructions and changes before answering the tax forms.

Tax Forms 1040 Help

December 19th, 2008 -- Posted in 1040 form Assistance | No Comments »

Everyone has to file their tax returns every year to the IRS and the form that is being used is the Form 1040.  This form is what you use to report your annual income, calculate one’s tax, and to avail of deductions and credits in the overall tax return.  The Internal Revenue State is the department is in charge of the community taxes so it is important to send tax forms on time to avoid any complications and problems with the department in the future.  Unfortunately there are those who still do not know how to answer and submit the 1040 tax form due to changes and improvisations that they are unaware of.  To be able to complete your tax forms on time, here are some 1040 form help tips to look into:
1.  The IRS provides and issues people with free copies of the tax form 1040 so you can download a PDF copy of the forms off their database anytime you want.  You can download one and read through the 1040 form help instructions in order to avoid any problems in filling it up in the future when time calls for it.
2.  Make sure that you are aware of the changes made on the tax forms.  Try to get the 2008 version of the tax forms so that you will have an idea of what privileges or limitations are implemented for this year’s tax returns.
3.  Calculate your income in advance to see if you qualify for either of the two tax forms, 1040-EZ and 1040A.

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.


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.

Filing for Form 1040

December 18th, 2008 -- Posted in 1040 form Assistance | 2 Comments »

When filing for your tax return every year, you will be asked to fill up tax form 1040 issued by the Internal Revenue State.  Anyone who is earning an annual income can use this tax form to report their income, claim all kinds of deductions and credits, and lastly calculate one’s taxes.  Once you are able to do this, the form much be submitted to the IRS to avoid any problems and complications in the future.  There have been changes with the form 1040 that many are still trying to adjust, so here are a few 1040 form help tips that may guide you when submitting the tax forms.
tax man
1.  There are two sub-forms, 1040-EZ and 1040A.  The 1040-EZ form is only eligible to persons who earn under US $100,000 total in income and who have an interest income of under $1,500.  This is also eligible only for people who are earning from wages, interest, and unemployment compensation.  For the latter, you can only file and submit this is if your income comes from wages, interest, dividends, capital gain distributions, taxable grants, scholarships, etc.
2.  In acquiring these forms, you can download the PDF file from the official website of the Internal Revenue State for free.  Do not listen to scammers who will tell you that the tax forms mentioned have a fee.
3.  If downloading and using PDF files is too much of a hassle for you, you can always call customer service of the IRS and ask them to send a digital document copy to your email address.

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.


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.

Form 1040 Help Tips

December 17th, 2008 -- Posted in 1040 form Assistance | 4 Comments »

The 1040 tax form is what people use to report their annual income, to calculate their taxes, and in some cases claim deductions and credits that can be availed by the individual.  Every person, whether he is employed or owning a business, must submit his tax forms or he will be reprimanded by the IRS, adding more problems in the future.  Unfortunately some people have difficulties, despite the fact that are honest tax payers, due to lack of knowledge of any updates, improvements, and changes of the Tax Form 1040.  It is therefore necessary to acquire a copy of the tax forms and to analyze it so that answering and submitting the forms would not be so difficult.
Here are some 1040 form help tips that may guide you and save you time in submitting your tax forms:
1.  Try to calculate your annual income and see if it falls under a certain criteria.  The tax form 1040 has now been separated into two kinds, the 1040-EZ and the 1040A forms, which are for certain groups of people earning a separate income range.  These are rather short as compared to the form 1040 itself, so take the time to read through these forms and see if you qualify for any of them.
2.   As much as possible, be up to date with the new improvements and changes of the tax form every year.  You can always call the IRS for clarifications if you get confused with the requirements and procedures of form 1040.