Key facts about the IRS 1040 tax form are now explained at easyincometaxfiling.com, including how to report earnings, deductions, exemptions, and credits.
July 01, 2015 — In “What is the IRS 1040 Tax Form for 2015?” now on easyincometaxfilingonline.com, the specifics of the tax form are explained in detail. Used by U.S. taxpayers to submit income tax returns, it is separated into parts the author says allows one to record their earnings and deductions. Reporting earnings is the first part explained.
The article explains the first page of Form 1040, used for computing Adjusted Gross Income, or AGI. It provides space for details such as salary information, dividend, tips, interest, company income, Social Security benefits, and other items listed. Also, “other income” can be reported regardless of where it comes from. Once these are all added up, the taxpayer can report their total income to the IRS.
Next, the author talks about deductions. A portion of self-employment income tax payments, IRA contributions, alimony, health savings program contributions, and other adjustments may apply as revealed in the article. Deductions and their restrictions are strongly influenced by the taxpayer’s AGI, the author says, revealing how important it is.
A deductions and exemptions section explains the second page of Form 1040. Taxpayers can deduct their mortgage loan interest fees or unreimbursed company operating expenses, for example. A few specifics on how deductions work are clarified. Once exemptions are deducted, according to the author, the exact amount of taxable revenue is left.
The next step is to determine how much income tax to pay. One can use tax charts or the TurboTax calculator to have their taxable earnings computed automatically. It eases the process of filling out Form 1040 and figuring out if a payment or a refund is the end result.
To learn more about Form 1040 and TurboTax, go to http://www.easyincometaxfilingonline.com/what-is-irs-1040-tax-form/
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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Traverse City, Michigan 49686
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