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.
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.