If your yearly taxable income is less than $100,000, you have no dependents to claim and you are filing single or with your partner, then you have to fill IRS Form 1040EZ, for your tax preparation South Orlando. Of all the three tax forms, IRS Form 1040EZ is the simplest one, which demands no extensive details, rather just basic information in four major tax sections.
To make your tax preparation South Orlando easier, let’s discuss how this simple form is to be filled to avoid some of the most common errors.
Like any other tax form in tax preparation South Orlando, the initial part of the IRS Form 1040EZ, is all about your personal details, such as your name, social security number, address, etc. If you are filing jointly, then you required to put in your partner’s social security number too. Make sure to recheck whether you have entered the correct numbers or not, as each year, the IRS declines hundreds of forms for inaccurate SSN.
Tax Preparation South Orlando Income Information
In this section you have to fill in the information about your income and sources of income to use in tax preparation South Orlando. Wages, salaries and tips, every single penny that you are earning is to be included while calculating your total income. Following this, next line asks for your taxable interest, which should be more than $1,500; otherwise you won’t be eligible to file your tax returns South Orlando using the Form 1040EZ.
Furthermore, you also need to mention about grants, if you are getting any, as the unemployment compensation or Alaska Permanent Fund dividends. After this, for allowable standard deduction, the form asks about your filing status, whether single or jointly. The respective allowance is to be deducted from the gross income calculated before.
Payments, Credits and Tax
This section in tax preparation South Orlando wants you to mention the federal income tax that you have already paid through the withholdings held with your employer. And to prove already paid tax, you need to get a W-2 from your employ. The next line is for your income deductions, including earned income credit.
Once adding all these together, look at the tax table in the instructions to find out your tax. It is the amount that you owe to the government.
After doing all the above calculation, if your taxes exceed your income, then you would receive a refund. For a refund, you have to fill in your account number to get it directly delivered to your bank account.
Here comes the ending. Sign your document before mailing it. If you are filing jointly, then your spouse too has to sign here.
Once all tax preparation South Orlando is done, do review your work to avoid any chances of error and keep a copy of this year’s filing, which could be helpful for the next year.
If you need more information about our South Orlando 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, Hunters Creek, Lake Nona, Celebration, Winter Park, Windermere, Dr. Phillips, Maitland, Altamonte Springs, Winter Garden, Ocoee, Apopka, Belle Isle, Edgewood, and Oakland 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 number, incorporations, and non profit 501c3 tax exempt.