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Common Federal Tax Forms You Should Know About

Most citizens of the United States know that they have to pay income taxes if they earn any form of income, but you might find it confusing to determine exactly which forms to use. While you need specific advice from a professional that understands your unique situation in order to be absolutely certain which form is for you, there are definite advantages to understanding the generalities of the federal tax forms that are out there today. To start with, the most commonly used are of what is called the 1040 series. This series includes such common forms as form 1040 itself, the 1040EZ, the 1040A and an amendment form, called the 1040X, that allows taxpayers to make changes to their return after it has already been filed. Many people have a tendency to take the easy route and there is certainly no shame in selecting a tax form that fits this concept, most notably the 1040EZ. The thing you need to keep in mind if you choose this form is that you must meet its eligibility requirements or the Internal Revenue Service will not accept your return and you also may find that you get a substantially smaller income since you won't be able to take very many tax credits or claim many deductions because there is not space to itemize these on the 1040EZ.

While not quite as simple to fill out as the 1040EZ, the 1040A is still referred to as the 'short form' because it takes less time for the taxpayer to fill out than some of the other federal tax forms. Only the standard deduction is allowed on this form and you must make less than $100,000 per year to be able to use it, but the fact that it covers a wider range of income streams is appealing to some. The 1040 tax form is the most popular choice for those who have a more complex tax situation because it allows for many more options and can be used at all income levels. The fact that you can itemize your deductions and take all of the tax credits you are eligible makes this form an attractive choice for those who need to be able to get back the biggest refund that they can. The fact is, a 1040 is the most likely to help a taxpayer get the most back from the taxes they have paid in, especially if a professional tax preparer has done the legwork to ensure that all of the eligible credits and deductions have been included. It's a smart idea to understand all of these forms because the more you know about the 1040 series, the easier it is going to be to make the right choice for you when tax season rolls around.