Traverse City, MI -- (SBWIRE) -- 01/27/2015 -- Traverse City Tax Preparation Examiner Frank Ellis has published a new article explaining the details behind form 1040. Filling out tax forms can be just as stressful as paying taxes. Ellis provides instructions on how to fill out form 1040 correctly and carefully.
The first step in filing this personal income form is choosing the right one. Frank Ellis explains form 1040 EZ, the simplest IRS form available. The author provides many guidelines and limitations as to who can file this one-page form. There are few ways to save on taxes, the author explains, such as claiming the earned income tax credit. http://www.examiner.com/article/filing-a-1040ez-form-for-2012-2013
Another option presented in the article is form 1040A. It allows for higher earning limits and there are several ways to file as discussed by the author. Taxpayers can claim the earned income tax credit, an additional child or dependent, education, and more. The form also supports income adjustments. Several other ways it helps reduce taxable income are mentioned as well. http://www.examiner.com/article/federal-income-tax-form-1040a-for-2012-2013
For higher earnings, form 1040 is the way to go. It's a more complex form with much paperwork. Frank Ellis goes on to explain the credits available plus itemized deductions and other things which can be subtracted from taxable income. The form is ideal for the self employed or those making over $100,000.
In addition, the author mentions IRS Publication 17 for help in choosing the right tax form. TurboTax software is also explained with some features making it easy to fill out forms, add in deductions, and take advantage of tax credits. http://filemytaxesonline.org/turbotax-2015-helps-find-largest-tax-deductions/
An embedded video is also provided with the article to demonstrate available IRS tax forms and the differences between each one. Taxpayers therefore have much information to glean from to make tax season less stressful.
To learn more about IRS form 1040 and the different types which can be filed, go to http://www.examiner.com/article/where-to-find-irs-form-1040-and-instructions-for-2012-2013.
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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