Filing your taxes is not a fun activity. It fact, it gives many people a headache just thinking about it. New tax laws, exemptions and deductions are added or subtracted every year. You have to gather so much information before you even start. Many people have a hard time understanding IRS forms and instructions. A lot of young people that are filing for the first time can easily get confused. It is important that you get the right information to the IRS so that you will not have to go through a tax audit. Here are some of the most common 1040 questions and their answers.
One of the most asked questions is who has to file taxes. The answer to this question depends on your income, age and filing status. For example, if you are 46, filing singly and make more than $8.950, you will need to file. Some people do not make enough taxable income in a year to file. Most of us, however, will need to file a tax return every year. Immigrants working in this country on a Visa are also required to file a yearly tax return.
When does my return need to be filed by? Almost all tax returns need to be filed by April 15 of every year. There are some exceptions, for instance, if filing electronically this deadline may be extended somewhat. In cases where the government owes you a refund, you can file this at any time. Filing after the April 15 deadline will make processing your refund take a little longer, so keep that in mind.
Another common 1040 question is what form I must use to file my taxes. The answer depends on filing status, do you have dependents to claim and are you taking deductions. For single people, or married couples filing jointly, with no dependents, they can use form 1040EZ. For single people, or married couples with dependents, and most other tax payers, form 1040A is used. If you are a business owner and plan to itemize your deductions, you will need the 1040 long form.
People with 1040 questions often ask where I can find the needed tax forms. The simplest answer is from the IRS. The IRS website is actually user friendly. You can download all the forms, along with their instructions, for free. Banks, libraries and post offices are a great place to find tax forms during the tax season.
The best way to get your 1040 questions answered is by asking a CPA or accountant. There are many reputable companies that will help you fill out and file your tax return. For many people, this is the only way they do their taxes. These preparers are trained in all of the IRS procedures and are required to stay on top of all new laws and policies. Many of these companies are quite affordable and will take their fees out of your return.
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