Filing tax returns are an individual’s obligation and duty toward the state. Tax returns in Kissimmee and all over the US can be a long stretched out process. There are several details about tax and tax returns that are unknown to the common man. This makes filling a tax return even more of a challenge.
We believe if people are informed about the types of tax returns in Kissimmee and over all the US, the process of filing tax returns will become easier and more manageable.
We will in this article talk about the most common types of tax returns in Kissimmee.
Tax Form 1040 (Individual Tax Return)
Form 1040 is known as the long form. This form is more extensive and in depth as compared to the 1040A or 1040EX tax forms. This form is the set federal form and it is used to record your gross income. Gross income includes the money, goods, services and properties.
This form does take longer than filing other tax forms but it is beneficial to the tax payers because it allows them several chances to lower their tax bills. Unlike the other mentioned forms this form has the capacity to allow for tax payers to claim several expenses or adjust their incomes.
1040A Form (Individual Tax return)
Scared of the exhaustive details of the 1040 form? This is your savior. 1040A form is commonly used to file tax returns in Kissimmee. This form is known as the short form as opposed to the long form title given to 1040. This form is basically a simplified income tax form. This form reports the individual’s income and also calculates the amount of tax they have to pay. This form allows its users to declare their tax credits, tax deductions and income.
This form has no age cap and can be filled by a tax payer of any age. The shorter form does have a few drawbacks though; it doesn’t allow for the individual to itemize their deductions.
1040 NR Form (Non US resident Alien Income tax return)
Another form that is commonly used for tax returns in Kissimmee is the federal form for income tax filling of non residents of the US. This form is like the one that US citizens fill out which is called the 1040 form. This form is bound to be filled by any person who is a non resident of the US and engaged in any sort of business in the United States. Filling of this form is mandatory, irrespective of whether it generates you income or not.
The form is not only specific to be filled by those that engaged in a business sin the US. This form can also be filled by people who took part in no business in the US but received some income from US sources.
If you are a US citizen and want to file your tax returns in Kissimmee or any other place in the US you should only sty familiar with the 1040 and 1040A form, while non US citizens should make acquaintance with the 1040 NR form.
If you need more information about our Kissimmee, FL accounting and tax services, please contact us at 407-502-2400. 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.