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Income Tax Return Filing 101

 

 

The month of April rolls around and most of America is getting ready to prepare their income tax returns.


Every year everyone who made an income are required to report income to the federal and state governments by filing an income tax return. Taxpayers must file two separate income tax returns. One income tax return goes to the federal government and the other goes to the state government that the taxpayer lives in. Most of taxpaying Americans are able to fill out a Form 1040A: U.S. Individual Income Tax Return. People that do not have any children or qualified dependents are able to file a federal 1040EZ form. This form is also known as the Income Tax Return for Single and Joint Filers With No Dependents. The 1040EZ is basically a shorter version of the 1040A form; however, taxpayers must meet certain requirements before filing a 1040EZ form.

IRS e-file is fast becoming extremely popular with taxpayers as well. Find everything electronic in one place at irs.gov. This includes filing information,how to pay electronically, and more.According to the website of the Internal Revenue Service (IRS) which is found at irs.gov. Seventy percent of the nation's taxpayers are eligible for free tax preparation software and free electronic filing. See if you are eligible, by visiting their site. This year new tax relief provisions apply to individuals and businesses affected by the hurricane season.


Most of taxpayers will have the income tax forms they need mailed to their home address. This option, to have federal income tax forms mailed to a taxpayer is given on the previous year's tax forms. People who do not wish to receive federal income tax forms but do need them can get the forms from a number of sources. Many paper forms are available for pickup at many local post offices, banks, and libraries. Taxpayers can also visit the website of the Internal Revenue Service (IRS) which is found at irs.gov. The Internal Revenue Service has a collection of federal income tax forms that can be downloaded and printed at their web-site.


In some states a taxpayer reports their income earned to their state government. They will also have to fill out a separate state tax return form. Each state has their own income tax return forms, and Laws. The form numbers will all be different because they vary from state to state; however, some forms will have the same heading. It is not uncommon for a state income tax form to be known as the Resident Income Tax Return. As with federal income tax returns, the majority of states have a long income tax return form and a short one. Taxpayers who are able to fill out and file a short state income tax return are encouraged to do so because it saves many taxpayers a large amount of tax preparation time. As with most federal income tax forms, state tax return individuals are likely to have a packet of state income tax forms mailed directly to their home. It is also possible for taxpayers to find their state tax forms at their local post office, financial institution, or library. Check your own State Laws for the details.


In addition to the regular taxpaying individual, there are several others who have to report and possibly pay an income tax. All businesses and estate properties of an individual who has passed on are subject to an income tax. A small business owner or the executor of an estate property will have to file different federal and state income tax forms than the traditional taxpayer. These forms can be obtained at the same places where standard federal and state forms are available.

 

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Tax Related News
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    It's tax season, and with all the options out there, filing can be a little confusing. Ray Hennessey, Editor of SmartMoney.com, offers some advice on using tax software to file and when it may be best to file with a tax pro.
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    U. MT. BETHEL TWP. | The Bangor Area School Board last week formalized a new taxing proposal despite scores of people opposing the plan. District voters will decide in May whether to create a 1.65 percent personal income tax in exchange for an estimated $537 in property tax rebates.
  • Webcast To Discuss New Tax-Exempt Legislation (SmartPros Accounting)
    March 12, 2007 (SmartPros) This month's edition of Tax Talk Today, a Webcast sponsored by the Internal Revenue Service, will feature information on changes affecting tax-exempt organizations, the people who donate to those organizations, and tax-related property appraisals of donated items.
  • Middle-class Tax Relief (The Decatur Daily)
    MONTGOMERY — If you make less than $100,000 per year, you could save anywhere between $25 and $375 from Gov. Bob Riley’s proposed income tax cuts. The amount will depend on your marital status, number of dependents and income.

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    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Anatomy of a Successful E-Business Web Site
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Tax Fraud
    What is tax fraud, and how does our government control it? Thats a really big question to answer, so lets break it apart and answer it in two different paragraphs. Tax fraud is the intentional avoidance...
  • Innocent Spouses - Relief from Taxes
    Historically, tax issues arising from bad marriages fell into the category of "better or worse" for marriages. The IRS granted no innocent spouse tax relief, but has changed its views.Tax ReliefWhen a...
  • Your Tip Earnings and Taxes - Corrected
    If you work in a service where you get tips, guess what? The IRS expects you to report them and pay taxes on them. Your Tip Earnings and TaxesThe internal revenue service takes a very simple approach to...
  • Taxes, Income And Other Ones
    The story of American income taxes begins 1812.The 1st attempt to inflict an income tax on Americana occurred as a result of the War of 1812. At the end of two years of war, the federal government owed...
  • Tax Season - Time for Scams
    As tax season draws irresistibly closer, the scam artists are polishing their latest techniques. This article should help you keep an eye out for these nasty individuals.Tax Season - Time for ScamsIn a...
  • Need a Copy of Your Tax Return Information?
    Taxpayers have two easy and convenient options for getting copies of their federal tax return information -- tax return transcripts and tax account transcripts -- by phone or by mail.A tax return transcript...
  • Refund Anticipation Loans -- More Harm than Help
    If someone offered to give you a loan for $2100 at interest rates of up to 222 percent youd probably laugh at them and walk away; but, this spring, 1 in 10 Americans will do just that: for the privilege...
  • Seeking Opportunity
    Seeking Opportunity What is opportunity? Would you recognize it if you sawit? Is it an external set of circumstances out therein the world or is opportunity a matter of internalchange? I say opportunity...
  • How Likely Are You To Be Audited?
    Statistics for IndividualsUnfortunately, the IRS increased its rate of auditing individuals in 2003 when compared to 2002. The increase was approximately 14%, but still constituted only 6.5 audits for...
  • Your IRS Tax Appeal Rights
    Are you in the middle of a disagreement with the IRS? One of the guaranteed rights for all taxpayers is the right to appeal. If you disagree with the IRS about the amount of your tax liability or about...
  • Do Income Taxes Threaten Your Well Being?
    Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent...
  • Low-Tax States Have Stronger Economies
    A new study of state tax burdens ound that low-tax states outperform the higher tax states in employment, personal income and population.The report, entitled "High Taxes Lower Economic Performance," was...
  • GO OFFLINE FOR ONLINE PROFITS
    According to a new survey carried out by Alliance & where ID_NUM=9270;Leicester, one in five small business owners view tax astheir greatest concern. The Chancellor has announced in hislast budget that...
  • Social Security and Our Current Tax System
    Every week that you work, there are taxes deducted from your gross payroll that are distributed to the Social Security Administration, along with other programs administered by the government. Of all the...
  • Tax Tips for IT Consultants and Contractors
    I live and work, quite literally, down the road from the main Microsoft campus. No surprise, then, that Im commonly asked by freelance consultants for the best ways that these self-employed independent...
  • What Do You Know About The IRS
    Few things threaten your well-being like the harassment and anxiety of persistent tax problems. Most people make 3 mistakes that get them in trouble with the IRS. They procrastinate. They attempt to represent...
  • IRS Holding $2 Billion In Unclaimed Tax Refunds
    Every year, the IRS announces that it is holding unclaimed tax refunds. Taxpayers have a limited time to claim the $2 billion dollars the IRS is currently holding.Three years is a magical number when it...
  • Tax Software Alternatives
    There are many different tax programs, which are adequate to different kinds of needs, so the users have various options. For taxpayers with more complex tax situations, TurboTax software would be the...
  • Taxes Q&A: Understanding What Is And Is Not Taxable
    * Is Social Security retirement income taxable?Social Security retirement benefits are taxable, although it depends on your total income and civil status. Federal law states that an individual must pay...
  • IRS Levy And Garnishments
    Unfortunately to many of us the Internal Revenue Service (IRS) is one branch of government that can never be our friend and is often feared by some less reputable business owners. When the IRS is owed...
  • The Legalities And Issues With An IRS Levy
    An IRS levy is an order from the Internal Revenue Security directing TVA to withhold a specified amount of an employees pay to satisfy a tax debt. If the IRS determines that we owe back tax then it may...
  • Are You Eligible For Any Of These Tax Credits?
    Taxpayers should consider claiming tax credits for which they might be eligible when completing their federal income tax returns. A tax credit is a dollar-for-dollar reduction of taxes owed. Some credits...
  • Options For Preparing Your Taxes
    When tax season rolls around each year the are a number of individuals who need to decide how their tax returns will be prepared and filed. Each taxpayer has a number of tax preparation options. These...
  • Getting a Tax Credit for Your Kids
    As you know, raising a family is a full time job and can put stress on your finances. Fortunately, you can claim a tax credit to help cut your IRS bill if you have kids.Getting a Tax Credit for Your KidsWith...
  • Income Tax Season
    The tax season for most all individual tax payers falls during January, February, and March each year. Its the time of year that most citizens look forward to receiving a refund or they dread because...
  • IRS Gives Victims of Hurricane Katrina More Relief
    The IRS has announced further tax relief for victims of Hurricane Katrina due to slow clean up efforts and obviously devastated areas. The IRS is giving relief to both businesses and individual taxpayers...
  • The Role Of A Tax Collector
    The County Tax Collector is as independent government agency and is elected for a four-year term in the Presidential election year. It is essential that a County Tax Collector is independent to ensure...

 

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