What is Form 1040? Form 1040 is the U.S. Individual Income Tax Return. It is a federal income tax form that people use to report their income to the IRS and claim tax deductions or credits. It is used to calculate their tax refund and tax bill for the year. You may file your … Continue reading What is the IRS Form 1040? Individual Income Tax Return
The 1040 form may look complex. However, don’t be overwhelmed with doing taxes and filling out the form. Here we will step through some of the more common lines for the 1040, to help give you an idea of what things you likely will need to fill out. First, what is Form 1040? Form … Continue reading How to Fill Out 2021 Form 1040 | Taxes 2022
Are you ready for taxes in 2022? When is the last day to file taxes? Its time to mark your calendars for the federal tax filing deadline. According to the IRS, for most taxpayers, Monday, April 18th 2022 is the deadline for filing 2021 tax returns. It is normally April 15th, but due to … Continue reading When are Taxes due in 2022?
What are taxes? Taxes are funds that companies and individuals must pay to the government for the purpose of funding government operations. Taxes are mandatory and cannot be avoided. A tax system is common in most countries. It allows for the payment for national, and public needs as well as for government functions. Revenues from … Continue reading What are Taxes?
No matter if you are eighteen and just finished school or sixty-five and recently retired, you will have records that you will need to keep. Some records will need to be kept for longer periods of time than others are. Knowing what to keep, how to keep it and what to throw out can help … Continue reading Keep your Tax Records Straight
If you have filed taxes before, you should already know that the higher your Adjusted Gross Income, or AGI, the more taxes you are likely to pay. Your Adjusted Gross Income will also determine your eligibility for many of the credits you might qualify for. But what determines the Adjusted Gross Income? Your Adjusted Gross … Continue reading Federal Income Tax Adjustments and Deductions – Adjusted Gross Income (AGI)
Is there a word in the English language that strikes more fear into the hearts of American taxpayers than “audit”? However, an audit doesn’t have to be a terrifying experience. There are several things that you can do to avoid an audit all together, as well as be prepared if you are audited. Avoiding IRS … Continue reading Avoid Being Audited: Fear of the Audit
Basics of the 1040 The IRS Form 1040, as with the 1040EZ and the 1040A, is broken down into sections: Label SectionThe first section you come to at the top of the page is the Label section. The label on your tax return contains several very important items such as the correct spelling of your … Continue reading Understanding the 1040 Federal Income Tax Form
There are many things that you can do throughout the year to help ensure that you don’t owe Uncle Sam in April. Here are some helpful tips and advice to help reduce your end of year tax payment: Owing Income Tax Tracking your Tax WithholdingKeeping track of your withholding is one thing. Find out what … Continue reading Don’t Let Me Owe: IRS Federal Income Tax
At tax time everyone hopes for one of two things. “Please don’t let me owe!” or “I want a really big refund!” The American public doesn’t save money the same way it used to. In the last forty years we have gone from a generation of one-income households on average, to households with two or … Continue reading Withholding Income Tax: Look at a Smaller Refund Differently