In a new article, Frank Ellis explains Federal Income Tax Form 1040A and various facts most people may not be aware of.
October 27, 2016 – Frank Ellis, a tax professional and Examiner.com author, has published an article with details about Federal Income Tax Form 1040A, the most commonly used form by the IRS. Used to report taxpayer income, the form helps determine refund amounts or how much someone has to pay. The author begins by explaining which form to use, as 1040A is is suited for people who want to claim deductions and tax credits.
Many people choose 1040EZ, but 1040A lets taxpayers claim student loan interest, IRA deductions, and other things according to the author. Frank Ellis outlines the benefits of the form. First of all, it is short. It can be completed quickly so one can get a deduction sooner.
In addition, the article lays out the six conditions which must be met. There are various income and claims limitations to qualify a person to use the form. College tuition and fees or classroom expenses are possible adjustments which can be claimed. Taxpayers also must earn below a certain amount for the year, have no stock options, and claim specified credits owed to them.
The author of the article also addresses those who may be uncertain which form to use. An alternate option is to use software such as TurboTax. Guiding users through the process, it can help pick the right form and assist with filling it out. Additionally, a video is provided with the article and outlines and narrates the same points. Viewers can therefore get a closer look at how to fill out each line of the form, do so correctly, and get all the tax refunds entitled to them.
As the tax regulations change every year, using the most up-to-date information is beneficial in many ways. The article provides the most current insight for this tax season. It also links to relevant resources. Taxpayers can therefore avoid unnecessary stress and hassle when filing their tax returns to the IRS.
For more details, go to, http://filemytaxesonline.org/irs-federal-income-tax-form-1040a/