Basically, there are three federal income tax forms to choose from; 1040, 1040A and 1040EZ. The federal income tax forms are to be chosen according to your tax condition. If you are having simple taxes to do, you may consider the easiest tax form 1040ez. If you meet up the condition, then you will be able to file this form.
The reasons why you need to get used to with the factors which help you qualify for this easy form 1040ez. If you go through the IRS official site, you will fairly get to know about these issues from the depth. Your taxable income is something less than $100,000 then you may qualify for it. Moreover, there are certain things such as your filing status, your age and dependents can also be taken into consideration. To become eligible for federal income tax form 1040ez you need to be single, or married but filing jointly, and below the age of 65. Apart from these, you should not be blind and you are not supposed to have dependents, then only you may qualify for it.
Obviously, one may use this federal income tax form 1040ez if you have wages, qualified state program earnings, taxable fellowship grants, and unemployment compensation. However, you may check out the IRS official website to know more about the issue. Please remember that you should not have obtained advance earned income credit payment. Apart from this, you are not allowed to claim the additional standard deduction for your real estate taxes or the disaster losses.
When you choose this simple and easy form 1040ez, many typical adjustments to your income can be excluded. And therefore, it becomes easy to file this individual tax return. However, certain drawbacks are there for this federal income tax form 1040ez. Certain things like capital gain transactions, IRS deductions, some taxable social security advantages can hinder your process of filing your tax return. Yet, you can take care of all these issues wisely and filed your federal income tax form 1040ez online quickly.
If you are capable of preparing your federal income tax return on your own, you do not need to hire a Certified Public Accountant for doing 1040ez online even you do not need to get help from a professional tax preparer because it is easy to do online. However, many tax sites are now offering easy and affordable tax services which you may get benefit from.
There is an easy way to determine whether you are eligible or not for using this 1040ez Online which you can do by checking out your online tax filing authority. Somehow, you need to check out clearly before using this form. Due to less complexity, easiness and convenience, the majority of the individual taxpayers pick this federal income tax form 1040ez. If you are willing to get your tax form to be completed in timely manner, you should choose the option of online tax preparation and electronic tax filing.
Source:goarticles.com