Would you be filing your Kissimmee income tax return for the first time this year? You would find the process quite complicated and you will feel confused along the way. Still, if you abide by the following suggestions that we have for you, the process will be a lot easier. So follow our guidelines and they would provide you with a fairly good start.
Should You File A Income Tax Return In Kissimmee Or Can You Do Without It?
If you have a regular source of income, you are supposed to file a tax return. However, there are a lot of requirements involved that depend on several circumstances. These include your filing status, age and the amounts you earn. If you are a first time filer, a large portion of your taxes and taxable amount would depend on whether you are a dependent of you parents or not. What this implies is that taxpayers may have almost similar circumstances, but their tax requirements would be different. So before you fill out any income tax return in Kissimmee, be sure to figure out your requirements.
Even if you do not fulfill the requirements and you file, it is not going to hurt you. Instead you can gain benefits by getting a refund on taxes that were withheld and avail other incentives like the Earned Income Tax Credit.
What Forms Would You Require And Is There A Difference Between W–2 And W–4?
W–2 is a form that you receiver from your employer. They prepare it when the year ends, and mention all the wages and taxes that were withheld. Some employers file their form very late and would send it to you towards the end of January. You can receive this form either by courier/snail mail or in your inbox.
The W–4 form has to be completed by you and then the employer uses it to calculate the amount of tax that has been withheld from your paychecks, so as to cover the liabilities involved. The withheld amount is determined from the number of allowance you claim. Whenever there is a major event in your life like getting married, becoming a parent or acquiring home ownership, you should get your allowances adjusted. This number is often close to the exemptions that you can claim on your income tax return in Kissimmee.
Which Type Of 1040 Form Should You Use?
There are three main types of the federal income tax form: 1040, 1040EZ, 1040A. Form 1040EZ is the simplest and form 1040 is the most complex of these.
You can use a Form 1040EZ if no one is dependent on you, you have no itemized deductions, your only source of income is wages and the interest income is less than $1,500. This form would allow you to claim the Earned Income Tax Credit and no other benefits. Form 1040A is meant for those people who have dividends, educational benefits and pension income. The 1040 would be used if you do not fulfill the requirements of the other two forms.
If you need more information about our, Kissimmee accounting and tax services, please contact us at 407-344-1012. Freedomtax Accounting’s staff has been providing honest accounting services and tax services for 15 years. Our Orlando accounting and tax firm has its main offices in Kissimmee, FL. Our services are provided nationwide, but mainly in the Central Florida market to areas like Orlando, South Orlando, Kissimmee, St. Cloud, Poinciana, Clermont, Davenport, and Hunters Creek, FL. Our tax accountants and IRS enrolled agents (irs ea) specialize in corporate accounting and bookkeeping, tax services, tax preparation, back taxes help, tax debt relief, tax resolution, tax planning, itin numbers, incorporations, and non profit 501c3 tax exempt status applications.