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.

The Schedules of Form 1040

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

When filing your income tax return, the first thing you have to put in mind is to choose which form to use so that there won’t be any hassles in accomplishing your annual responsibility to your country.

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The United States Internal Revenue Service (IRS) issues a lot of tax forms. For individual taxpayers, there’s Form 1040. This is the standard federal income tax form for most people who need to file their taxes. Anybody can use this, but there are some people who only have a few income sources and no deductions to claim – they can have their taxes processed much faster if they use the shorter version of the 1040, either the 1040A or 1040EZ.

Any of these forms can be downloaded from the IRS site or picked up from the nearest postal office or local library. Other places to get the forms are the IRS office and any tax center. Those who do not have Internet access can call the toll-free number of IRS and request for their copies to be sent via mail.

Form 1040 is the basic tax return form for any individual and can be used by any taxpayer. There are sections called schedules, which have to be filled out based on the individual’s income sources and which deductions or credits the person is subject for. There are six schedules namely:

Schedule A (Itemized Deductions)
Schedule B (Interest and Ordinary Dividends) for income coming from investments
Schedule C (Profit or Loss from Business)
Schedule D (Capital Gains and Losses)
Schedule E (Supplemental Income and Loss
Schedule SE (Self-Employment Tax)

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.

Form 1040 for Personal Income Tax Returns

December 14th, 2008 -- Posted in 1040 form Assistance | No Comments »

Many people would frown at the thought of accomplishing their taxes for the year. It would be important to note that the taxes one pays change depending on the changes that has happened to his life during the taxable year. Marrying, having a baby, opening a business, making investments, or retiring make a direct impact on how an individual is taxed.

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Some people opt to employ the services of an accountant while others attempt a DIY. Whatever the choice is, it is still best to understand how taxes work and how to file them correctly.

Individuals are required to file their annual income tax returns to the Internal Revenue Service or IRS. The 1040 form is that form that should be filed by April 15 of every year. This form documents the financial income status of the individual for the year in question and ascertains whether there are taxes due or there are tax refunds to wait for.

The 1040 form is considered as the long form because there are shorter versions like the 1040EZ, which is simpler and less comprehensive. The 1040 form is usually composed of two pages where the taxpayer is required to fill out sections called schedules.

Any individual income taxpayer in the United States can use the form 1040 to file his personal income tax returns. Here are the variations:

Form 1040A – or short form, which can be filled up by people with not-so complicated tax situations (no capital gain or loss, not itemized deductions, etc)
Form 1040EZ – or easy form, which is the simplified, six-section US Tax Return form