For taxpayers who are planning on e-filing there is no need to worry about choosing the Simplest tax form because the software program chooses the tax form that you will need. However when opting to file the old fashioned way you can still manage this simply by choosing the tax form that matches your situation. A fast and easy way to get the paper forms and the needed instructions is to go online and visit the Internal Revenue Service website at www.irs.gov. It is also possible to obtain forms from an IRS office in the city that you live in. There are also places in the city such as a library or post office that will have the forms available.
Some rules to think about when deciding which form to use and which one will be the simplest tax form to file. You will need to use tax form 1040 EZ when your status of filing is single or married and filing together or when taxable income is under 100,000 dollars. This form will also need to be used when you have interest income that is 1,500 dollars or less, or if no dependents will be claimed by you.
For some taxpayers the Simplest tax form to use will be the 1040 A when income that is taxable is under 100,000 dollars or if they claim specific tax credits or have capital gain distributions. This is also the tax form to use when claiming adjustments for IRA contributions or for student loan interest.
When unable to use the 1040 EZ form as the simplest tax form, it will more than likely be required to file using the 1040. Some reasons taxpayers must use this form is because their taxable income is 100,000 dollars or over or when taxpayers are reporting self employment income. If a taxpayer has made money from selling their property, they must file this form. A 1040 form must also be filed when the taxpayer is claiming itemized deductions.
Interested taxpayers can obtain fast and simple access to the IRS forms when needed and learn more about e-filing and learn which form is the simplest tax form to use while visiting the IRS site at www.irs.gov. Tax forms are accessible any time, all day long every day of the week. These forms are normally available online long before they are obtainable as paper forms. To view the tax products or download forms, go to the website and choose the option publications and forms.
- Top Ten Most Overlooked Tax Deductions (2009taxes.org)
- Gambling and taxes – what should you report? (2009tax.org)
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