The tax information website now provides instructions for the 1040 tax form, one of the most common used by taxpayers, updated for 2014, 2015.
Traverse City, MI -- (SBWIRE) -- 05/22/2015 -- "Instructions for 1040 Tax Form 2014, 2015" has been posted on www.athometaxcalculator.com This tax form is one of the most frequently used by taxpayers and has several sections for reporting income and claiming deductions and credits. It is also used to determine refund amounts. The article also states that additional forms may be needed depending on the taxpayer's type of income.
Taxpayers are presented with details on how to report their income. There are, for example, spaces on form 1040 to enter income from specific sources such as their W-2. Next, AGI deductions are explained by the author, and include self-employment tax payments, IRA contributions, and student loan interest. It's also stated the AGI calculation is important as it impacts various deduction limitations.
Exemptions and deductions are discussed next. The second page of the 1040 form is used to itemize and select deductions to derive one's taxable income. In addition, the author mentions H&R Block online. By filing with them, it is easier to decide which deductions to take and receive the most benefits from. http://athometaxcalculator.com/h-r-block-discount-online-tax-filing
A segment on tax calculations and credits follows. The article talks about tax tables to help people determine what they owe on their taxable income. This is automatically calculated by H&R Block, the author says. Comparisons of total tax withholdings are automated as well so taxpayers will quickly know how much their payment to the IRS will be.
The author also states that it's important to claim any credits one is entitled to. It will reduce the amount owed. Also, the H&R Block tax refund calculator is highlighted as a tool for learning the value of one's tax refund.
To learn more about the 1040 form, exemptions and deductions, and tax calculations and credits, go to http://athometaxcalculator.com/instructions-for-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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