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