Essential Things That You Have To Know When It Comes To Tax Return Filing
For those of you out there who have had experience filing for taxes or returns, for sure, you will agree with us when we say that the process is complex and complicated. 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. The purpose of filing tax refund is to make sure that you get the exact amount you paid excessively for your tax.
Since you want to file for tax return, you have the option of handling everything by yourself or seeking the guidance and assistance of a professional 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. If you are going to pay for taxes or perhaps, you are applying for any eligible tax refunds, there are certain forms that must be filled. 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. One thing about form 1040 that you should know of is that it is a form designed for all incomes, if the annual income goes beyond fifty thousand dollars. Not only that, we want you to know as well that this form is used in itemizing deductions when you are not applying for standard deductions. You have to be aware of the fact that the 1040EZ forms are for single individuals and married couples who want to apply 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. On the other hand, the form 1040A are for those who have annual incomes that are less than fifty thousand dollars and have itemized deductions.
These forms are available in any of the public libraries in your area or the office of the IRS. Right after selecting the right form, you must prepare the return using W-2s or the wage and tax settlements provided by your employer, the 1099s or the dividend and interest forms provided by banks, the mutual funds, and investments, and other necessary receipts. You have to attach all the required documents to the form including 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.