On Filemytaxesonline.org, Frank Ellis discusses how IRS form 1040A is used to file federal taxes and claim a standard deduction.
Traverse City tax preparation expert Frank Ellis now explains the ins and outs of IRS form 1040A, in an article published on Filemytaxesonline.org. After introducing this more complex form than 1040EZ, he explains filing status and exemptions, which taxpayers must list out, and then pick their filing status. Reporting income this way is essential because different tax brackets are used to calculate income and tax liabilities.
Filing status does not affect exemption amounts, the author reveals. Individuals and their dependents can claim more exemptions to reduce their tax liability. Also, Ellis explains the types of income that can be reported on the form. These include wages, interest and dividends, salaries and tips, and pension amounts, plus more. Self-employment income can also be reported. Taxpayers can then claim specific adjustments to their adjusted gross income, says Ellis.
The article goes in depth with reporting taxes, credits, and payments on the second page. This is where one determines how much they owe in taxes, the article says. Some allowable tax credits are explained. Taxpayers can also subtract tax payments already made, such as withholdings by an employer. Form 1040A is shorter than 1040, which allows one to itemize their deductions.
Also, the article explains the benefits of filing with TurboTax online tax preparation software. One does not need to understand tax laws or even the individual forms. The software asks questions and does all the selection and mathematics automatically. The TaxCaster tax refund calculator is also included. Plus, an online filing service can import W2 information to avoid having forms sent by snail mail.
To learn more about IRS form 1040A and filing in 2017, go to http://filemytaxesonline.org/irs-federal-income-tax-form-1040a/.
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.
Contact Information
Frank Ellis
File My Taxes Online
945 East 8th Street Suite A
Traverse City, Michigan 49686
Website: http://filemytaxesonline.org/