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You know that you need to fill out your income tax forms every year. You know that you have to do it at both the state and the federal level. This is a good start, to be sure. Do you know, however, which tax forms you should use? There are three main choices that can be used for filing your personal taxes. The first is the 1040EZ, the next is the 1040A, and the last is the 1040. There are all -- as you have probably guessed from the names -- variations of the same form. However, there are some distinct advantages and disadvantages to all three kinds that you will want to take into consideration before you begin in order to maximize your savings.
1040EZ forms are the very simplest kind that you can have. These are short and sweet. They do not require you to fill in much information at all and they are designed for people who do not have much to report. If you are single, do not own a home or have any debt, have no children, and have a steady job, this is a quick way to get your taxes over with.
1040A tax forms are the next level up. They are not terribly complex, but they do ask for more information than the above. The benefit of this is that you can increase your savings by using these forms. If you have paid off money on your student loans, for example, you can claim it. If you have put money away for your retirement, you can write that off. 1040A tax forms give you these options that the 1040EZ will not. You may have to spend an extra hour figuring everything out, but you can save a lot this way.
1040 forms are the most complex. You will want to use these if you have children, debt, multiple incomes, or if you are self-employed and think that you can write off a lot of different things as deductions. These will certainly take the longest, especially without the help of a tax advisor, but they can also save you the most money through increased options.
What else can I help you with?
I need to download a 1040A tax form?
i need to download a 1040A tax form
Can a nonresident alien use a 1040a tax form?
You may use a 1040a tax form as a nonresident alien as long as you were not a nonresidential alien in the year of 2007. However, your nontaxable income must be under $100,000.
Print a copy of 1040A?
How do I prlint a opy of tax form 1040A
where can I pick up a 1040a forms?
I want to see the tax table for 1040A Is there a tax table online that I could see 2010, form 1040A? online tax tables for 2010 1040A please.
I need a copy of 2009 tax form 1040A?
Were can I get a blnk copy of the 2009 1040A form?
Which form do we use for our tax return this year if we've met the requirements for both a 1040 and the 1040A?
If you owe tax for self employment income, you are required to complete the 1040 form. The 1040A form is for more basic tax returns, and in this case, would not work for you.
What is IRS form 1040A used for?
The 1040A form is a shorter and more simple version of the IRS 1040 tax form. A taxpayer can use the 1040A form if his total income is less than $100,000. In addition, the 1040A form limits sources of income to wages, interest, dividends, and capital gains.
Which form to file tax?
#1040 or 1040A
Where can I pick up the 1040a Tax forms?
Where can I pick up the 1040a Tax forms?” Where can I pick up the 1040a Tax forms in Raleigh NC? can i print tax form now how to get 1040 a forms
What are the main differences between filing a 1040A and a 1040X tax form?
The main difference between filing a 1040A and a 1040X tax form is that a 1040A is used for the initial filing of your taxes, while a 1040X is used to amend or correct a previously filed tax return.
What exactly is a 1040a tax form?
The 1040A tax form is also called the "short form." It is used for reporting annual income, tax deductions, and credits to the IRS. It is a simplified 2-page version of the federal income tax form used by many people.
What tax form do you need for your 401k contributions?
To report your 401(k) contributions on your taxes, you will need to use Form 1040 or Form 1040A.
