The TAX MAN Cometh
Filing your taxes doesn’t have to be an ordeal. The process can be less frustrating and daunting if you just relax and get
organized.
Many Americans choose to have a professional prepare and file their taxes. This is a prudent choice but with today’s
computer assisted lifestyle many will undertake the task on their own. Whichever category you fall into, make sure you
have an understanding of what the IRS expects from you and have all the paperwork gathered before you begin.
By being prepared, you’ll be ready to file your return as soon as possible. The IRS usually starts accepting returns in
early to mid-January, but as of the printing of this issue, the earliest the IRS will accept returns this year is Jan. 31, 2015.
And the sooner you file, the sooner you’ll get your refund.
The IRS has tax filing broken down into forms to make it easier to file.
Form 1040, U.S. Individual Income Tax Return
-Annual income tax return filed by citizens or residents of the United States
Form 1040A, U.S. Individual Income Tax Return
-Shorter version of Form 1040 allows you to report limited types of income and to claim certain adjustments. You
cannot itemize deductions if you file Form 1040-A
Form 1040-ES, Estimated Tax for Individuals
-Figure and pay your estimated tax on income that is not subject to withholding (for example, earnings from
self-employment, interest, dividends, rents, alimony, etc.)
Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents
-Simplest individual income tax return form to fill out. If you file Form 1040EZ, you cannot itemize deductions
or claim any adjustments to income or tax credits (other than the earned income credit).
getting organized:
1. Social Security Number: The IRS uses this number to identify you and your information.
2. Dependent Information
3. Income Documents
a. W-2
Employer reported earnings
b. 1099
Miscellaneous income, interest, dividends etc.
c. P&L
Profit/Loss statement for self-employed individuals
4. Itemized Deductions: Mortgage Interest, Taxes you paid, medical expenses, charitable contributions, employee expenses
5. Additional Deductions/Credits:Earned Income, Student Loans, Child Care, Moving Expenses, Tuition
There is a lot more to cover, but these documents will help you get started. Our TAX TIPS in the next issues are sure to
help! You can contact our Tax Advisors at CEC Tax Consultants for a free tax check-up! 407-715-2004.
JANUARY 2015
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WINTER GARDEN MAGAZINE
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