Tax Questions - Where to Find Information
With each passing year, laws related to taxes become more complicated and thus progressively less easy to understand clearly. The nearly endless list of tax codes leads tax payers to ask many important questions about their own taxes. Read on to find answers to lots of common tax questions that you very well may have asked yourself.
The Internal Revenue Service, or IRS, is the best place to find answers to your questions about anything and everything related to taxes. The IRS enforces tax laws, so they definitely understand the laws well and you should direct your tax questions to them before anyone else.
What form should I use? The grand majority of individuals filing for federal income tax will do so using the 1040 form. This simple and straightforward form is for filers who will not be itemizing their deductions. You can download the form from the IRS's website by searching for the PDF file entitled "Form 1040."
If you need to itemize all of your deduction, you will need to fill out the 1040A form. On this form you will be able to list out each of your deductions and include the amount of each one as well. This form is also available in PDF form online. On the IRS's website, get the form by searching for "Schedule A." It would also be wise to download the document "Instructions for Schedule A" as well, which will detail how you should fill out the form.
What do I do if I have donated an old car to charity? Many people ask questions about their donations to charities because they want to be able to maximize the deduction that they receive from such contributions. Unless your contributions were made in cash, you will need to fill out "Form 8283," also available as a PDF online. The IRS website provides instructions on filling out this form as well.
Do I have to itemize my deductions? If the amount of money that you have spent on deductible items totals more than the guidelines that have been established by the IRS, then you should indeed itemize your deductions. A standard deduction is better for you, though, if it turns out to be greater than the deduction that you would receive by itemizing your expenses.
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Am I eligible to receive the earned income tax credit? Families that earn a low annual income are helped to keep more of their hard earned money by means of the earned income tax credit. The earned income tax credit can be worth anywhere between $400 and $4,000, depending on the family's situation. A tax refund will be sent to families who are eligible for this credit and owe less money in taxes than their earned income tax credit is worth.
The IRS website provides answers to simple and complicated tax questions. It may take you a little time to get used to using the IRS's site, but it has a search box that makes navigation easier.
Am I eligible to receive the earned income tax credit? Families that earn a low annual income are helped to keep more of their hard earned money by means of the earned income tax credit. The earned income tax credit can be worth anywhere between $400 and $4,000, depending on the family's situation. A tax refund will be sent to families who are eligible for this credit and owe less money in taxes than their earned income tax credit is worth.
The IRS website provides answers to simple and complicated tax questions. It may take you a little time to get used to using the IRS's site, but it has a search box that makes navigation easier.