Individual Tax Return
3
Title: Financial Statement Preparation: a part of Tax Return Content: E-Filling Tax return Financial Statement Preparation comes along The filling of the individual tax return, which is mandatory for all those who are are earning a taxable income regardless of its source. Each year millions of Americans file their tax return by using the internet-based options provided by IRS & their partners, free. Whole of the filing process is quite simple and designed, with an integrated guidance system to help people move through each of the steps. You can file your returns through this method if you qualify for Form-1040/A/EZ. To access the Free Fillable Forms, you are required to come to IRS official website. A few important dates If you have not yet started Financial Statement Preparation for the running year then, here are some important dates to remember, in context of filing federal tax returns. October 16 till (0600 Hours): its is the last day as notified by IRS, to create a new account for filling a new return. October 21 till (0600 Hours) is the last day, approved for making corrections and re-filling of rejected, tax return. October 26 till 0600 Hours: Last notified day to access your account for printing off your filed returns. Types of Individual-Specific forms When you visit the IRS website, you see a lot of forms there. Let us inform you that, you only need to look for those forms, whom title contains a number, that is 1040. What you need, is to select one out of the four forms available for filing individual tax return. Let us discuss form 1040 and its other variants briefly. Remember that, the process of Financial Statement Preparation remains same for any one of these forms. The Long Form, 1040 It is called long form due to its length and complicity. Form 1040is the most comprehensive kind of form and requires some advance knowledge and experience. Despite its complicity, an array of tax relaxation benefits can be enjoyed by those who file their individual tax return through this form. The Short Form, 1040A This form is a lighter version of form 1040. It's generally known as the short form because of its simplicity. In fact, it is a two- page long form and does not require too many details to be marked as complete. However, it's not fit for those taxpayers who are eligible for a tax deduction Form 1040EZ This form is available for those who are going to file their returns under the status of either “single” or “married filing jointly”, without any dependents. Form 1040Z is more complicated than that of the other versions available in this category. Moreover, this form keeps you from filing your returns as head of the family. Form1040NR & 1040EZ Both of these forms are available for non-permanent individuals only. In case if a non-American is living ad earning here through any source, he has to file his return like any other residents. In fact, this is applicable on those individuals as well, who has not paid tax, due to an intra-country treaty. The NR version of this form is quite a simple one, while the other is its complicated variant, with a possibility of additional filing status.
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Filing an individual tax return alone can be a daunting and sometimes costly mistake. Let the accountant expert at GLG Accounting file taxes in right way! If you’re looking for someone to help you file your taxes, you should consider using GLG Accounting.
Transcript of Individual Tax Return
Title: Financial Statement Preparation: a part of Tax Return Content: E-Filling Tax return Financial Statement Preparation comes along The filling of the individual tax return, which is mandatory for all those who are are earning a taxable income regardless of its source. Each year millions of Americans file their tax return by using the internet-based options provided by IRS & their partners, free. Whole of the filing process is quite simple and designed, with an integrated guidance system to help people move through each of the steps. You can file your returns through this method if you qualify for Form-1040/A/EZ. To access the Free Fillable Forms, you are required to come to IRS official website. A few important dates
If you have not yet started Financial Statement Preparation for the running year then, here are some important dates to remember, in context of filing federal tax returns.
October 16 till (0600 Hours): its is the last day as notified by IRS, to create a new account for filling a new return. October 21 till (0600 Hours) is the last day, approved for making corrections and re-filling of rejected, tax return. October 26 till 0600 Hours: Last notified day to access your account for printing off your filed returns.
Types of Individual-Specific forms When you visit the IRS website, you see a lot of forms there. Let us inform you that, you only need to look for those forms, whom title contains a number, that is 1040. What you need, is to select one out of the four forms available for filing individual tax return. Let us discuss form 1040 and its other variants briefly. Remember that, the process of Financial Statement Preparation remains same for any one of these forms. The Long Form, 1040 It is called long form due to its length and complicity. Form 1040is the most comprehensive kind of form and requires some advance knowledge and experience. Despite its complicity, an array of tax relaxation benefits can be enjoyed by those who file their individual tax return through this form. The Short Form, 1040A This form is a lighter version of form 1040. It's generally known as the short form because of its simplicity. In fact, it is a two-page long form and does not require too many details to be marked as complete. However, it's not fit for those taxpayers who are eligible for a tax deduction Form 1040EZ This form is available for those who are going to file their returns under the status of either “single” or “married filing jointly”, without any dependents. Form 1040Z is more complicated than that of the other versions available in this category. Moreover, this form keeps you from filing your returns as head of the family. Form1040NR & 1040EZ Both of these forms are available for non-permanent individuals only. In case if a non-American is living ad earning here through any source, he has to file his return like any other residents. In fact, this is applicable on those individuals as well, who has not paid tax, due to an intra-country treaty. The NR version of this form is quite a simple one, while the other is its complicated variant, with a possibility of additional filing status.
Do, I need Professional Support? There are many possibilities when it comes to filing of the individual tax return and Financial Statement Preparation. It all depends on your case and your understanding towards the system. If you believe your case is a straightforward one, without an involvement of too many complications than “go-ahead” it is going to be an easy task for you. In case if you are not sure about, the details and your case is a complex one then it is better to seek a tax, professional. Which Tax Professional, I should prefer? Well, this is a very important thing to understand. Today, we have many self-claimed firms working in the industry.
Please Contact GLG Accounting at any time for your professional accounting solution.
GLG Accounting is located at
Address: 400 Central Ave, Suite 340B, Northfield, IL 60093, USA
Phone: 312-754-9377 Email: [email protected]
Sourch : https://www.glgaccounting.com/individual-tax-return/
