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Understanding about Different Types of Individual Income Tax Returns

There are different types of Federal individual income tax returns. It is the responsibility of the taxpayer to use the appropriate tax form that corresponds to the particular situation and permits to claim the income, tax credits and tax deductions. Federal income tax is due by 15th April, unless the taxpayer applies for a tax extension. Common types of individual income tax returns  IRS Form 1040 (U.S. Individual Income Tax Return) IRS Form 1040A (U.S. Individual Income...

How to Report Form 1040 Taxable Refunds?

Receiving a tax refund is always a pleasure as you can do little more with the extra money. But tax refund may not be possible for all the tax payers. The IRS states that few state tax refunds are also taxable income. You need to report that taxes on the tax return form on 10th line of Form 1040 the following year. Whether the received Refund is Taxable? The tax payer need to report the state income...

Tax Time: When Married Filing Separately Will Save Your Taxes?

The IRS considers the married taxpayers, whether they are married legally under the state law, live together under state recognized law marriage or they are separated but have no separate maintenance or final divorce as of the end of the tax year. Filing the tax separately after marriage is increased, where the partners reported individual income and their individual expenses on their tax returns. They need to accept either itemizing the expenses or to use the standard...

Tips for Preparing IRS Tax Form 1040-EZ for 2018 Year

IRS Form 1040EZ is a Federal Income Tax Form, used to report filing status individual/ married jointly with no dependents to the IRS. 1040EZ Form is the right tax form, whose is not having kids, dependents, home, or didn’t attend college during the year. Filing Form 1040EZ is very easy and less complexity compared with Form 1040 and 1040A.