July 6, 2016
Tax Tip: Rules for Home Office Deductions

Which Tax Form Do You Need?

Which Tax Form Do You Need?, “Which Tax Form Do You Need?”, While most Americans choose to e-file their taxes for convenience and security, some taxpayers still prefer to fill out paper forms. While most Americans choose to e-file their taxes for convenience and security, some taxpayers still prefer to fill out paper forms. If you are filing on paper, you need to know which form to fill out. Here are some tips from the IRS on how to choose the right tax form: Use the 1040EZ if: Your taxable income is below $100,000. Your filing status is single or married filing jointly. You are not claiming any dependents. Your interest income is $1,500 or less. Consider the 1040A if: Your taxable income is below $100,000. You have capital gain distributions. You claim certain tax credits. You claim adjustments to income for IRA contributions and student loan interest. Use the 1040 if: Your taxable income is $100,000 or more. You claim itemized deductions. You are reporting self-employment income or income from sale of a property. You owe household employment taxes. For more information about tax forms, consult a tax advisor or read IRS Publication 17, “Your Federal Income Tax”. Tip courtesy […]
May 19, 2016
Tips for Gift Taxes

Need to Amend Your Return? Here’s How.

“Need to Amend Your Return? “, If you discover that you’ve made an error on your tax return, you may need to file an amended return. Though you don’t need to file if you’ve made a simple math error or left out forms (the IRS corrects for those automatically), you should file an amended return for any missed credits, deductions, filing status, or income. Need to Amend Your Return?  Here’s How. Use form 1040X to file an amended return. You’ll need to fill out a paper form and mail it to the IRS. You’ll need to use separate forms for each year you need to amend. If you use any other forms or need to submit new documentation, attach them to the 1040X form. If you need to claim an additional refund, wait until you receive your original refund before filing an amended return. Pay any additional tax you owe as soon as possible to avoid accruing additional interest and penalties. Tip courtesy of IRS.gov