Have you decided to purchase a new house or you simply plan to refinance your old house? Are you in need of a loan? Well, it is quite understandable that the big question that bother people’s mind at this juncture is: should I go for a Federal Housing Administration (FHA) loan or a conventional loan? While the types of loans have pros and cons peculiar to each of them, some loans are more suited for certain individuals, on the basis of financial status, than others. Find below a guide to choosing between a FHA loan and a conventional loan:

What is a FHA loan?

A FHA loan, appropriately referred to as a Federal Housing Administration loan, is a type of loan offered to individuals with a low amount of credit (about 500 credit score) and insured by the Federal Housing Administration. The loan is often offered to such individuals, because the lending body is not put at financial risk as the loan is guaranteed by the Federal government.

Who should go for a FHA loan?

If you are low on credit and need to purchase a new house or refinance your old house, going for a Federal Housing Administration (FHA) loan would be best for you, as the credit score needed to qualify for this loan is only 500, as opposed to about 640 credit score required to obtain a conventional loan. Also, only a 3.5% down payment is required for the approval of a FHA loan, as opposed to about 5 to 20% required by conventional loans. So, if your credit is very bad and you really need to do something about your house, going for a FHA loan is best.

What is a conventional loan and who should go for it?

A conventional loan is a type of loan granted to individuals with a very high credit score. The requirements for a conventional loan are much more demanding than the requirements needed to secure a Federal Housing Administration (FHA) loan. It should be noted that conventional loans are of two types:

  • Conforming conventional loan
  • Non-conforming conventional loan

Conforming conventional loans are loans that have terms and conditions which comply with the guideline dictated by the loan provider, such that the maximum amount of loan that can be granted is not exceeded.

However, non-conforming conventional loans are loans that exceed the maximum amount that can be granted to any loan seeker, as stated in the guideline of the loan provider. It should be noted that, non-conforming conventional loans are distributed on a smaller scale as opposed to the conforming conventional loan, and the borrower is thus, charged higher interest rates.

Furthermore, as opposed to the limitation in loan amount that can be granted by the FHA, conventional loans are much more flexible, as they give  borrowers a free hand, when it comes to the amount of loan that can be requested.

Also, conventional loans do not require payment premium mortgage insurance, as opposed to FHA loan, which requires such.

So, if your credit is good, you need some serious amount of money and you do not want to pay premium mortgage insurance, then, go for a conventional loan.

Check out with https://www.okcalculator.com for more informations and help.

What’s the Difference Between IRS Forms 1040 And 1040EZ?

Filing tax returns is one of the most hectic things Americans must do. It is tough and very demanding. As a taxpayer filing individual tax returns, IRS provides you with several options. They include: Form 1040, 1040A, 1040ES, and 1040EZ. Form 1040 is designed for people with complex tax situations but Form 1040EZ is for people with very simple tax issues.

Form 1040EZ

Requirements and characteristics of Form 1040EZ

  • It is an easy and simple form.
  • It has the highest number of conditions and restrictions.
  • Your marital status is of importance. You file tax returns through this form as a married couple together or as a single person.
  • You must have an income of 100,000 dollars or less.
  • You must be under the age of 65 at the end of the financial year.
  • You must be able to see.
  • You must have no dependent.
  • You must not be in the Chapter 11 bankruptcy after October 16, 2005 until to date.
  • Your income must only be from wages, salary, fellowship grants, unemployment compensation, tips, interest income of less than 1500 dollars and Alaska Permanent Fund dividends
  • You must not be paying household employment tax on wages of the household employees.
  • You should include your earned tips in box 5 and 7 of Form W-2.
  • Premium taxes should not have been paid on your behalf. You must have enrolled in coverage for whom no one else claims a personal exemption.

You must reach all these requirements to use Form 1040EZ.

Form 1040

This form can be used by anyone. Anyone who is self-employed, earns more than 100,000 dollars taxable income, owes household employment tax or itemize deductions must use this form. This is where the difference between Form 1040 and Form 1040EZ comes.

Requirements and characteristics of Form 1040

  • Complex Form to fill out.
  • You must have a taxable income of more than 100,000 dollars.
  • It is a more customizable document when talking about tax breaks. You can itemize your deductions.
  • There are options present to claim credits and deductions.
  • You owe household employment tax to household employee wages.
  • Is the only form for a self-employed taxpayer.
  • Your total insurance policy dividends are more than the premiums you paid.
  • You were a bona fide resident of Puerto Rio or American Samoa. You, therefore, qualify to exclude income from sources in these places.
  • There are situations that can only be accommodated by this form They include:
  1. You are a beneficiary of an estate or trust.
  2. The employer has not withheld Medicare taxes and Social security.
  3. You have adjustments form alternative minimum tax(AMT)
  4. You have income from a partnership or S corporation.
  5. You have distributions from a foreign trust.
  6. You have tips that you did not report to your employer.

If using form 1040EZ, you cannot claim dependents. Other than the earned income credits, you cannot claim tax credits. Or any adjustments to income. This is the main disadvantage of Form 1040EZ. If you want to benefit from claiming adjustments, credits or dependents consider using Form 1040. Form 1040 is more flexible and accommodative.

Read more in this post: http://www.thaisraelcc.com/who-all-qualify-to-file-form-1040ez/

Who All Qualify to File Form 1040EZ?

Who All Qualify to File Form 1040EZ?

When deciding on which 2009 individual income tax return to file, there are three basic IRS tax forms that need to be considered. The three basic IRS tax forms are (1) Form 1040EZ, (2) Form1040A or (3) Form1040. This article will focus in on Form 1040EZ, which is the shortest form and by far the least complex of all the forms.

Form 1040EZ was introduced and developed through IRS or the internal Revenue Service department as simpler version of 1040 form. There are 3 basic form to choose with while filing your tax return: Form 1040, Form 1040A and Form 1040EZ. 1040EZ version is not only the simplest version among the three but also the shortest one which requires lesser information on your part. Further here we will discuss regarding the Form 1040EZ and who all qualify to file their returns through this form.

Who All Qualify to File Form 1040EZ?

Apart from the above-mentioned criteria, a taxpayer should also meet the following conditions in order to use form 1040EZ to his/her advantage:

Your earning should only constitute of salaries, wages, tips, taxable scholarships, unemployment compensation or any qualified state program earnings.

Any tips which you have earned must be reported in your Form W-2 by your employer.

You should not have received any advance earned income credit payments.

You do not owe any wages paid to your household employee.

You do not wish to claim any additional deductions for real estate taxes, disaster losses or motor vehicle taxes.

You should not be a debtor in a bankruptcy case.


The very reason of designing of form 1040EZ was to keep it very simple so that individual taxpayers and prepare and file it without any fuss. Any complex adjustments and deductions were kept out of this purview of this form. Involvement in following financial activities would prevent you from using this form:

  1. Capital gain transactions in a tax year.
  2. Sole proprietorship business or any home based small business that files a Schedule C.
  3. In case you have to receive or pay Alimony.
  4. You plan to claim any IRA deductions.
  5. You plan to claim any social security benefits.
  6. In case you meet the following basic requirements, you can use form
  7. You should not have taxable income in excess of $ 100,000.
  8. Your filing status should only be single or married filing jointly.
  9. Taxpayer and his/her spouse should be under the age of 65 years and not blind.
  10. You do not plan to claim for any dependents.
  11. Interest income received by you in a tax year is less than $ 1,500
  12. You do not plan to claim any deductions or adjustments in your income.

In summary, using a tax preparer who is either a Certified Public Accountant or an enrolled agent is a good choice since those individuals are professionally trained and skilled to assist you in filing your tax return. With current technology, it’s easy to send your tax information in a secured manner to your tax preparer and save the time of traveling to the tax preparer’s office or storefront. Also, you should consider having your tax return filed electronically e-file.

Visit this link to more information: http://www.thaisraelcc.com/federal-1040ez-easy-tax-form-for-individuals/


Federal 1040ez – Easy Tax Form for Individuals

Federal 1040ez – Easy Tax Form for Individuals

There are many young people as well as retired people who can greatly benefit by using the simplest of all income tax forms. This would be the 1040EZ, in most cases, because this will allow you to really report the simplest of things on your return. The 1040EZ is very simple and you most likely will be able to do it on your own.

If you are a young person who has just had one job and few expenses, this would be a good form for you. Additionally, if you are a retired person, it may be you can use this form as well if you have not had a lot of medical expenses. This is a very simple form that is easily used by many people.

There are different tax forms that you have to go about according to what will be your requirements. If you are about to file individual income tax return, then there are three forms available for you: Form 1040ez, Form1040A and Form1040. If you are looking for the easy and least complex one, you should go for 1040ez. Before you start filing this one, you need to first consider whether you are eligible for it or not.

Federal 1040ez – Easy Tax Form for Individuals

Most of the taxpayers will consider IRS 1040ez as the easiest kind of form for lots of obvious reasons. This is because it is very easy and simple to file and many typical form of adjustments can be excluded from your income. However, there are some financial issues which may prevent you doing this form and some of them are capital gain transactions like sale of property and stock, IRS deductions, alimony either received or paid, and some taxable social security advantages. These are some reasons which may prevent you from taking advantages of filing this form. If you meet the requirements, then you will be at an ease to file your return online.

If you are willing to file 1040ez form online you should know first whether you can file it or not. Suppose you have unemployment compensation, wages or salaries, qualified state program earnings, or taxable fellowship grants or scholarships, then you are eligible for using this tax form. The top most condition for using this form is you should not have received any advance gained income for credit payments. Please make sure that you will not be claiming the said additional standardized deduction from your net disaster losses, real estate taxes, or your qualified vehicle taxes which you yourself is the one to utilize it.

According to your tax situations and complexity, you need to consider whether you should hire a professional tax preparer or Certified Public Accountant. You will need taking assistance from a CPA if your taxes are complex and not easy to be done by on your own. Suppose you have to deal with easy taxes, then you can do IRS tax 1040ez online on your own very easily. To make your task simpler and easier, the majority of taxpayers choose to file their return on the Internet as it is easy, fast and more convenient compared to the traditional paper filing method. You will get quick IRS confirmation for your filing if you prefer e-filing option and file your return electronically before the deadline.

Visit this link: https://www.forbes.com/sites/kellyphillipserb/2017/04/23/how-to-fix-your-mistakes-by-filing-an-amended-tax-return/#3ffa8719423b

1040EZ – Learn How to File Free

1040EZ – Learn How to File Free

Before you start doing your taxes blindly, it would be a fair thing if you get to know about different tax forms available. If you consider IRS tax form 1040, please note that it can be used for filing income tax return for individual income. Whether you are married or single who is filing a combined return with your spouse. Depending on your yearly income, your dependents and your filing status, you will be able to make use of form 1040EZ or 1040A. According to your convenience, you may download forms from the IRS site or you may get them from the IRS or state tax office nearby.

When it comes to filing form 1040, you need to fill in the details like your name, address, your social security number, your filing status, and inform whether you are individual or joint filing. After that, you need to fill up all the income you’ve earned in the specific year. You have to get hold of all forms that show your income. Please note that W2, W4 etc. are supporting documents for your income. You require filling in the net taxable income which you can do by subtracting some eligible deductions. You may also consider applying suitable tax credits. If you are not comfortable with doing it on your own, then you would better get it done by an IRS authorized e-file company. Also get to know more about the opportunities which can let you benefit from free 1040 taxes online.

Visit this link for more information: https://www.okcalculator.com

1040EZ – Learn How to File Free

As for the Form 1040EZ, it is easy and less complicated form which is most suitable for individual tax return. This kind of form can be used by an individual who have been qualified to have the state program wages, earnings, taxable fellowship grants unemployment compensation, etc. Moreover, you should not have acquired advance earned income credit payment. If you consider using this form, then you are not allowed to claim additional standard deduction for your net disaster losses and/or your real estate taxes. In case, you have confusions regarding this form to understand fully, you may consider browsing through the IRS official site.

So, how will you determine whether you should make use of form 1040A or 1040EZ? Please note that any fulltime U. S. resident individual income taxpayer can opt for Form 1040A. It is the most simplified form which is often termed as the “short form”. In other words, it is a shorter version of the Form 1040. Please remember that you may use it if your taxable income is something below $100,000 and you are supposed to take the standard deduction instead of itemize deductions. However, when you are confronted with preparing form 1040A, find out some online tax sites facilitating free 1040A services.

Tax season is such a crucial span of time, and if you let it go simply wasted doing nothing, then it can cost you much more. You may complete your taxes right in time if you intend to avoid getting penalties. However, there are options which you are left with when it comes to preparing and filing your federal tax return. Most taxpayers pose a similar question whether it is possible or not to do federal taxes for free. To your surprise, it is quite possible for you to avail free federal taxes online.