All Things Taxes » file tax return http://www.allthingstaxes.com Tax tips and tax alerts from JK Harris Mon, 14 Sep 2009 17:13:21 +0000 en hourly 1 http://wordpress.org/?v=3.0.3 Tax Filing Bulletins http://www.allthingstaxes.com/2009/02/myspace-tax-bulletins/ http://www.allthingstaxes.com/2009/02/myspace-tax-bulletins/#comments Thu, 26 Feb 2009 18:25:10 +0000 JK Harris http://www.allthingstaxes.com/?p=182
  • Should I file a Tax Return? You must file a tax return if your income is above a certain amount, which varies depending on your filing status, age and type of income you receive. If your income isn’t at the level where you are required to file a return but you qualify for a refundable credit, such as Earned Income Tax Credit or Health Coverage Tax Credit, then you should file a return to receive a refund from the IRS. For additional information, you can refer to www.irs.gov.
  • Choose your correct Filing Status. Your Federal tax filing status is based on your marital and family situation. Your marital status on the last day of the year determines your status for the entire year. If more than one filing status applies, you can choose the one that will give you the lowest tax obligation. The five filing status options are: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er) with Dependent Child. For additional information, you can refer to www.irs.gov.
  • Choose the simplest Federal tax form for your needs. There are three forms for filing individual Federal income tax returns. The 1040EZ is us if: your taxable income is below $100,000; your filing status is Single or Married Filing Jointly; you (and your spouse) are under age 65 and not blind; you are not claiming any dependents; and/or your interest income is $1,500 or less. The 1040A is used if: your taxable income is below $100,000; your have capital gain distributions; you claim certain tax credits; or you claim deductions for IRA contributions, student loan interest, educator expenses or higher education tuition and fees. The 1040 is used if: your taxable income is $100,000 or more; you claim itemized deductions; you are reporting self-employment income; or you are reporting income from the sale of property. For additional information, you can refer to www.irs.gov.
  • Should I itemize? Whether or not you should itemize deductions on your Federal tax return depends on how much you spent on certain expenses last year. These expenses can include but are not limited to the following: medical care, mortgage interest, taxes, charitable contributions, casualty losses, and miscellaneous deductions. These expenses can reduce your taxes if the total amount is more than the standard deduction. The standard deduction amounts are as follows: Single, $5,350; Married Filing Jointly, $10,700; Head of Household, $7,850; and Married Filing Separately, $5,350. For additional information, you can refer to www.irs.gov.
    • ]]>     http://www.allthingstaxes.com/2009/02/myspace-tax-bulletins/feed/ 0     Tips for those last-minute tax return filers http://www.allthingstaxes.com/2009/01/164/ http://www.allthingstaxes.com/2009/01/164/#comments Tue, 27 Jan 2009 21:52:18 +0000 JK Harris http://www.allthingstaxes.com/?p=164 OK, you know who you are. You are the taxpayer who waits until the very last minute to file your tax return. Well, if this in fact you, here are some tips to make the process go a little smoother.

    • File your tax return electronically. This will be much quicker than using the paper forms and mailing them to the IRS.
    • Include all of the required Social Security numbers for each person listed on your tax return. This includes yourself, your spouse, your children or dependents and anyone listed in order to claim the Child and Dependent Care Credit or Earned Income Tax Credit.
    • Go through and double-check all of the numbers and figures on your return. Don’t just fill it out and assume it’s correct. Mistakes are easy to make, especially when you are facing a filing deadline.
    • If you are using a paper tax form, make sure you sign it where required. And if you are filing with a spouse, make sure your spouse also signs the return where required. If you paid someone to prepare the return for you, that person must also sign the return.
    • Don’t forget to attach all required schedules/payments to your return. If you are sending a payment with your return, make the check out to “United States Treasury” and enclose it with the tax return or Form 1040-V, Payment Voucher. Include on your check, the taxpayer’s Social Security number, daytime phone number, the tax year and the type of form filed.
    • Send your return or your request for an extension by the April 15th deadline. Just remember, if you are filing for an extension, that is an extension to file your return and not an extension to pay what you owe.

    For more helpful information, you can visit the IRS website at www.irs.gov.

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