Federal Income Taxes
Meredith Warfield
Ashford University
The Petersans had several informative conditions that happened throughout the prior year that made, picking their form easy. The form I chose was the 1040. I chose not to pick the 1040ez because they had a dependent child, property they sold, and other factors which determined the form to be used as the 1040. Here are things to consider when deciding which IRS form to file.
Use the 1040EZ if:
* Your taxable income is below $100,000
* Your filing status is Single or Married Filing Jointly
* You and your spouse – if married — are under age 65 and not blind
* You are not claiming any dependents
* Your interest income is$1,500 or less
* You are not claiming the additional standard deduction for real estate taxes, taxes on the purchase of a new motor vehicle, or disaster losses
Use the 1040A if:
* Your taxable income is below $100,000
* You have capital gain distributions
* You claim certain tax credits
* You claim deductions for IRA contributions, student loan interest, educator expenses or higher education tuition and fees
If you cannot use the 1040EZ or the 1040A, you’ll probably need to file using the 1040. You must use the 1040 if:
The Term Paper on Flat Tax Income Percent Pay
... to offset both their income tax and a portion of the Social Security taxes they now pay by claiming an earned income tax credit (EITC) of ... up to $3110. The flat tax would withdraw that ... deduction. Twenty million filers use 1040 EZ forms that are almost postcard-like; this year, taxes can be files via a ten ...
* Your taxable income is $100,000 or more
* You claim itemized deductions
* You are reporting self-employment income
* You are reporting income from sale of property
All IRS forms, instructions and information about e-file can be found on IRS.gov. Taxes are a sour subject in almost every country, and the United States has had a decidedly turbulent relationship with the issue. America has one of the most complicated tax systems in the world, and it grows more complex every year. In the end, whether you agree with paying taxes or not, you probably have April 15 circled on your calendar, embedded in your head and on your list of dreaded days.
References
Federal Personal Income Tax Liabilities and Payments: Revise. (1990, September).
Survey of Current Business, 70(9), 28. Retrieved May 10, 2010, from ABI/INFORM Global. (Document ID: 794546).
Park, Thae S. (1987, June).
Federal Personal Income Taxes: Liabilities and Payments, 1981-85. Survey of Current Business, 67(6), 17. Retrieved May 10, 2010, from ABI/INFORM Global. (Document ID: 1936760).
Dilger, Robert Jay. (1985).
Eliminating the Deductibility of State and Local Taxes: Impacts on States and Cities. Public Budgeting & Finance, 5(4), 75. Retrieved May 10, 2010, from ABI/INFORM Global. (Document ID: 7110728).
Questions Of Priority: Secured Lender Versus A Federal Tax. (1988).
Commercial Law Journal, 93(3), 361. Retrieved May 10, 2010, from ABI/INFORM Global. (Document ID: 282851).
