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1040 – When the Long Form is Your Best Choice Among the 1040 Tax Forms

Posted on: October 17th, 2010 by admin

While it is certainly advisable to use the most simple form for your tax needs if you want a quick return, it is not always the best idea when you have a complex tax situation. The IRS has 1040 tax forms in three primary categories for your income tax filing needs, ranging from simple to comprehensive. The simplest in Form 1040EZ, for those with slightly more complexity in their tax situation there is Form 1040A (known as the short form) which works for most US taxpayers and finally, there is Form 1040 (known as the long form). If you are looking to file a comprehensive return in which you can get all the deductions, tax credits and adjustments to income that you are legally entitled to, this is the form you will want to use. The benefit of Form 1040 is that you that you will be able to detail far more of your tax situation to a level that the other forms do not allow you to do. If you earn income in excess of $100,000 in a single year then you must use this form because none of the others are designed to handle this much income. Those with earnings from a farm, partnership, business, trust or S corporation will need to use this form, as well, because it allows you to report all these types of income. The beauty of this particular form is that you will be able to itemize your deduction in extensive detail, the perfect solution for those who may earn a great deal of money, but also have many expenses that need to be taken into account so that the amount of income they are taxed on is more fair to their actual situation. By properly itemizing your deductions, you will find that you can keep yourself in a more reasonable tax bracket. Because proper itemization is difficult to do on one’s own, it is definitely advisable to seek out a qualified tax preparation specialist to make sure that you are claiming all of the deductions, adjustments to income and tax credits that you are eligible for and none that you will be denied. The Internal Revenue Service can be selective about what they will allow, so having a professional on your side greatly reduces the risk that your return will be rejected. Being able to claim medical or dental expenses, cash contributions to charitable groups, job related travel expenses and other more detailed deductions can put you in much better shape at tax time. While it may take longer to fill out, Form 1040 certainly gives you more accuracy representing your financial situation to the IRS and as a result, you can expect to be taxed more fairly.

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