Essential Things That You Have To Know When It Comes To Tax Return Filing
If you have tried filing for taxes and returns in the past, surely, you do know about how complicated the process can be, primarily since it is based on your income. It is vital and essential for you to make sure that all the information you provide to the IRS are authentic and legit so that you will get a refund. Bear in mind all the time that filing is done to ensure that refunds are high.
You have the option of filing for tax returns by yourself or hiring of a professional and credible tax preparer. One thing about professional tax preparers that you should know of is the fact that they help in preparing the forms and at the same time, provide you advice that will help you obtain maximum returns. When you apply for any eligible refunds, or when you pay for your tax, you have to fill in certain forms. The basic form which is the form 1040, otherwise known as form 1040EZ or 1040A, should be filled by everyone, aside from the other forms which must be filled for certain reasons. We want you to know that the Form 1040 is a form that is meant for all incomes, particularly for those whose annual income go beyond fifty thousand dollars. In addition to that, you have to know how these forms can also be utilized when itemizing deductions, especially if you are not applying for standard deductions. The 1040EZ forms are for single people or those who are married and want to file jointly. There are specific criteria that must be met when filing tax returns like the following: the applicant should not have any dependent, must be less than sixty-five years old, must not be blind, and should have taxable income that is less than fifty thousand dollars, with earned interest that is less than four hundred dollars and deductions are not itemized. Meanwhile, the 1040A form is for those individuals who have annual revenues that are less than fifty thousand dollars and have itemized deductions as well.
These forms are available in any of the public libraries in your area or the office of the IRS. Once you have chosen the right form, you can prepare your tax return by using the W-2s or the wage and tax settlements given by the employer, the 1099s or the dividend and interest forms provided by banks, mutual funds, and other investments, and other receipts needed. Fasten all the required documents to the form with the inclusion of the payment voucher form 1040-V if necessary. Make it a point to make sure that you signed the form and that the social security number you provide is correct.