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.
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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.