Lots of taxpayers are confused about what IRS income tax reporting forms to use for their individual situations each year. The rule-of-thumb that always applies to this situation is that when a taxpayer is in doubt, they use the longer IRS Form 1040, and simply skip all of the questions that do not apply to their situation. However, a shorter 1040a form is available that suits must taxpayers making less than 100,000 dollars in taxable income for the year. The IRS long-version form is the only form that allows taxpayers to claim adjustments to income such as moving expenses, campaign contributions, stock sales or mutual funds, rental property money, and self-employment income. IRS Form 1040a is a smaller version of the longer form that simply gets rid of many of the questions that do not apply to taxpayers with simple income situations. IRS Form 1040a is a good choice in forms to make if you are simply a wage earner, have received unemployment, or are a student. IRS Form 1040a can be electronically filed at an online tax preparation site. Programs exist that allow most taxpayers to complete their IRS Form 1040a income tax forms in less than one hour if qualified to use these forms. The advantages to filing taxes online are numerous, including the ability to instantly provide the finished tax documents to the government for proper processing of any refund check that is due to the taxpayer. When a taxpayer chooses to use IRS Form 1040a and file this document electronically online, if the information is filled-in for an electronic deposit of a refund check into an existing bank account, the money is often placed into this account in 15-days or less. When the IRS form asks for bank account information, be extremely careful to give the correct information and double-check all account numbers that are placed onto the 1040a form for filing.
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