Tax Expert Explains Key IRS Federal Income Tax Forms for 2016, 2017

Tax Expert Explains Key IRS Federal Income Tax Forms for 2016, 2017

IRS federal income tax forms for the 2017 tax season are now explained in detail by tax preparation examiner Frank Ellis.

October 24, 2016 ( datsyn.com) – Traverse City Tax Preparation Examiner Frank Ellis has put his knowledge up front in a new article explaining the important forms for this tax season. He reveals how tough it can be to track income and expenses all year. For those who wish to file taxes themselves, Ellis explains the importance of record keeping and filing the correct income tax forms

These include three main forms issued by the IRS. The one chosen depends on the person’s taxable income, according to the author. All are specifically for individual taxpayers in contrast to other documents used by corporations and associations.

The first one is the 1040 tax form. It is used by U.S. residents and allows people to claim certain tax deductions if their taxable is $100,000 or more. Provisions regarding property sale income and self-employment earnings are revealed as well. It is by far the longest form of the series.

Identified by the author as the simpler option, 1040A is for people with less than $100,000 in taxable income and allows for only standard deductions. Above-the-line deductions are specified as well. The simplest form is 1040EZ with the same threshold. It is guided by several limitations identified by Ellis.

Lastly, TurboTax software is highlighted. The program actually chooses the appropriate form depending on the taxpayer’s situation and comes with many support options. Larger refunds are identified as another benefit, and people can also use a Tax Refund Calculator to estimate their refund and plan accordingly.

There are many tools to help ease the burden of tax season, which has been stressful and uncertain for the general public in the past.

To learn more about the three major personal tax forms, go to internettaxconnection.com/which-1040-tax-form-should-you-file/ 

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. 

 

Source: PR