Traverse City Tax Preparation Examiner Frank Ellis has released a guide to the IRS 1040 forms needed to file in one’s 2014 tax returns in 2015.
May 4, 2015 – Author and tax preparation specialist Frank Ellis has published a guide to the IRS’s 1040 forms people need for filing their tax returns this year. Among the thousands of tax forms, 1040 is available in a few types. The author provides insight into these key forms for average taxpayers and what they will need.
Form 1040 enables one to report their income. It also allows one to enter deductions, credits, and adjustments to lower one’s taxable earnings for the year, according to Ellis. There are three standard versions. Form 1040 EZ is the shortest and simplest and for those earning less than $100,000 per year and don’t need to itemize deductions. A more detailed version is Form 1040A, while Form 1040 is intended for those with self-employment income and who have earned more than $100,000.
In addition, Frank Ellis describes in the article various tax form attachments. These can be added to returns and include Schedule A for showing itemized deductions, Schedule B, for reporting taxable interest and more, and so on. Others include Schedule C, Schedule D, and Schedule SE. These are all highlighted in more detail by the author.
The article also explains what forms come via the mail. While the IRS doesn’t usually send things directly, according to Ellis, forms taxpayers might receive include W-2’s from their employer. The Form 1099 series, forms often sent to freelancers who earn more than $600 from a single company, are also sent by mail. Different types of this form are explained in more detail.
The author closes the article with a reminder about TurboTax and its ability to select, import, and manage forms while helping taxpayers file. To read more information, go to http://www.examiner.com/article/your-guide-to-irs-1040-tax-forms-for-2014-2015.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
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