What are the Benefits of Form 1040EZ?

Believe it or not, the 2011 tax deadline is right around the corner once again. As always, you have the option of figuring out your taxes yourself by hand, using the help of the latest tax software, or paying an accountant to do the work for you.

But, what if you want to do it yourself and you don’t want to take a lot of time doing it? This is where federal Form 1040EZ comes in.

Why should you use Form 1040EZ?

1. In a word, it really is “easy.” This is true as far as filling out forms for the IRS goes anyway. If you want to save yourself hours of precious time, fill out this form.

And, in many cases, you’ll save tons of frustration and irritation in the process. If your spouse helps you do the work, you’ll probably save many arguments too.

2. Many of the national chains will prepare this form for free. Instead of paying an accountant a few hundred dollars to do your taxes, you can get this form done for free in many cases.

Why not save yourself some extra money and spend it doing something fun instead?

3. The IRS can process this form faster. If you are owed a tax refund, this means you will get your refund that much sooner. You’ve been giving the IRS a free loan by letting them hold onto your money for the past several months.

Wouldn’t it be great to get that money back into your hands a little sooner?

Who Should File a 1040EZ?

As with all other tax forms, form 1040EZ is not one that everyone can, or even should, file. Here are some of the guidelines to help you determine if this is a form you would want to file:

• You must be single or married filing jointly
• You must not claim any dependents
• You and your spouse must be under the age of 65
• You only have wages, salaries, tips, and unemployment compensation
• Your taxable interest was not over $1,500
• Your taxable income must be less than $100,000
• You have not filed Chapter 11 bankruptcy within the last 6 years
• You must not claim any student loan interest deduction
• You did not claim any additional standard deduction for real estate taxes
• You do not claim a student loan interest deduction
• You do not claim an education credit, retirement savings contributions credit, or a health coverage tax credit

While the 1040EZ is not for everyone, it works great for those it does fit. If you are interested in a quick and painless way to file your taxes, and you meet all of these criteria, consider using this form this tax season.

Something About Tax Forms 1040ez and 1040.

When you want to file your federal income tax returns, you might become a bit confused. This is because there are different forms to select from and you may not know which one is suitable for you to file your taxes. The following tax helps direct will give you the information you need to choose the right tax forms.

Form 1040EZ, Income Tax Return for Single and Joint Filers.

You may file the 1040EZ form if you are doing so as single or married and filing jointly or independently. You cannot use this form if you have people who depend on you. Also, you can't file this form if you are blind or above 65 years of age.

In addition to that, your taxable income should be below $100,000. With the form 1040EZ, there is also a limit to your credits. The only time you can file this form is when you are claiming the earned income credit.

Form 1040, Individual Income Tax Return.

If you intend to itemize your deductions, you have to file form 1040. Usually, you will do this if your deductions are higher than your ordinary standardized deduction. Additional typical deductions are provided for blind people and taxpayers who are above the age of 65. You might be get benefit more from filing 1040A instead of 1040ez Form in few cases. There are numbers of credits available in form 1040A which can be claimed as the same credits are not available in the form 1040EZ version. Therefore one may be entitled to receive a larger refund while filing 1040 or 1040A. Let us discuss few of such provisions.

File 1040ez Form Online For Free.

Would you like to prepare and e-file 1040ez Form for free? One of the best options for filing free Federal tax return is to use Free File program provided by the IRS. It is the fast, trouble-free, and free of charge mode to prepare and e-file your federal taxes. Suppose your adjusted gross income that means AGI is less than $56,000, you are qualified for this Free File program to your Federal taxes for free.

You do not have to concern much if you don’t meet the condition for being eligible for Free 1040ez File program. There are many IRS approved free federal income tax preparation services you can work with. You should visit the IRS website IRS.gov to learn about the tax preparation e-filing services before select one.

One of the necessary things that you should check out while choosing a tax preparation service is whether it is IRS approved or not. You should effortlessly prepare and access your income taxes online. You can do your income taxes with Free Federal Tax due to couples of reasons apart from benefiting from Free Federal Preparation online.

You can do your 1040ez Form with no trouble us due to its easy-to-use tax software program. The tax program covers the nearly all commonly filed Federal tax forms as well as schedules. You can select, self-prepare taxes, and e-file your 1040, 1040 A and 1040EZ return. A few tax related questions are asked by the program and you have to put your answers on the correct forms. Your federal tax return is prepared without problems and rapidly and can be submitted electronically to the IRS following the step-by-step procedure. You can gain the advantage of free Federal tax filing online at just some simple clicks.

You can e-file your Federal tax return to the IRS easily with direct deposit feature that will permit you to get your tax refunds fast into your bank account. Online Federal tax filing is not only trouble-free but also can be done anytime – day & night, and anywhere in the world if you have internet access!

Filing Federal 1040ez Form with the IRS.

One time you have finished preparing your 1040 tax return, you mostly have two options for sending your Free 1040ez Tax Return to the Internal Revenue Service for processing. You can mail a signed Form 1040ez to an IRS Service Center, or you can file the return electronically.

Filing electronically eliminates the data access work that the IRS has to do, and so the IRS can procedure your income tax return faster. This means you can get your income tax refund quicker and with less chances of a wait. In order to e-file your tax return, you will need to use a software program or file your return through a tax preparer, which could add to the cost of preparing your tax return.

Tips for Electronically Filing Your Form 2010 1040ez.

In order to e-file your tax return, you'll need to use a tax software program or hire a tax preparer. Here is free and low-cost software for free 1040ez filers: IRS Free File provides free access to Web-based tax preparation software. If you earn $54,000 or less, you will be able to prepare and e-file your tax return using one of the software programs that contribute in the Free File agreement.

H&R Block at home offers a free edition of their At Home Web-based software. Filing a state tax return will charge extra, however. Many states offer free e-filing as well. Check with your state tax organization to see if they offer this service.

When you e-file a free 1040ez Tax Return, you can choose one of two ways to sign your tax return. You can use a five-digit personal identification number of your choosing. You use this PIN to sign the return. Or you can mail in a signature page (Form 8453) and attach any required documents. Your software program will inform you if you need to mail in the signature page.

Choose 1040ez Form The Simple Tax Form for Your Situation.

To file your 2011 Individual Income Tax Return you must have to choose which tax form you have to use. The IRS is no longer be mailing paper tax letters that's why this year choosing which tax form to file will be more important. The IRS is taking this step because of the continued growth in electronic filing, the accessibility of free options to taxpayers and to help decrease costs. Taxpayers can still get forms and information online at www.irs.gov, at local IRS offices or from participate community outlets like many libraries and post offices.

If you want file your Tax Return using IRS e-file, the system of IRS will automatically make a decision which form you require.

Below are some universal rules to consider when deciding which paper tax form to file.

1040ez Form:

• If your taxable income is below $100,000 then you can use 1040ez Form.
• If filing status is Single or Married Filing Jointly then you can use 1040ez Form.
• If you and your spouse – if married -- are under age 65 and not blind then you can use 1040ez Tax Form.
• If you are not claiming any dependents then you can use 1040ez Form.
• If your interest income is $1,500 or less then you can use 1040ez Tax Form.

1040A Form:

• If your taxable income is below $100,000 then you can use 1040A Form.
• If you have capital gain distributions then you can use 1040A Form.
• If you claim certain tax credits then you can use 1040A Tax Form.
• If you claim adjustments to income for IRA charity and student loan interest then you can use 1040A Tax Form.

If you cannot use the 1040EZ or the 1040A, you will possibly need to file using the 1040. Amongst the reasons you must use the 1040 are:

• Your taxable income is $100,000 or more.
• You claim itemized deductions.
• You are reporting self-employment income.
• You are reporting income from sale of property.

You can increase rapid and simple access to IRS forms and information or discover out more about e-file by visiting www.irs.gov. Tax goods are available 24 hours a day, seven days a week and often appear online well before they are available on paper. To view and download tax products, visit the IRS website and select Forms and Publications.

Where to File Addresses for Individual Taxpayers Filing Form 1040EZ.

If you live in...	and you ARE NOT ENCLOSING A PAYMENT, then use this address...	and you ARE ENCLOSING A PAYMENT, then use this address...
Florida, Georgia, North Carolina, South Carolina	Department of the Treasury Internal Revenue Service Kansas City, MO 64999-0014	Department of the Treasury Internal Revenue Service Kansas City,MO 64999-0114
Alabama, Kentucky, Louisiana, Mississippi, Tennessee, Texas	Department of the Treasury Internal Revenue Service Austin, TX 73301-0014	Department of the Treasury Internal Revenue Service Austin, TX 73301-0114
Alaska, Arizona, Arkansas, California, Colorado, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Michigan, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin, Wyoming	Department of the Treasury Internal Revenue Service Fresno, CA 93888-0014	Department of the Treasury Internal Revenue Service Fresno, CA 93888-0114
Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia	Department of the Treasury Internal Revenue Service Kansas City, MO 64999-0014	Department of the Treasury Internal Revenue Service Kansas City, MO 64999-0114

Checklist for Using Form 2010 1040EZ.

You can use Form 2010 1040EZ if all the items in this checklist apply.

• Your filing status is single or married filing jointly. If you were a nonresident alien at any time in 2010, see Nonresident aliens below.
• You do not claim any dependents.
• You do not claim any adjustments to income.
• You claim only the earned income credit and the making work pay credit.
• You (and your spouse if filing a joint return) were under age 65 and not blind at the end of 2010. If you were born on January 1, 1946, you are considered to be age 65 at the end of 2010 and cannot use Form 1040EZ.
• Your taxable income (line 6 of Form 1040EZ) is less than $100,000.
• You had only wages, salaries, tips, taxable scholarship or fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500.
• If you earned tips, they are included in boxes 5 and 7 of your Form W-2.
• You did not receive any advance earned income credit payments.
• You do not owe any household employment taxes on wages you paid to a household employee.
• You are not a debtor in a chapter 11 bankruptcy case filed after October 16, 2005.
• You do not figure your standard deduction using Schedule L.

If you do not meet all of the requirements, you must use Form 1040A or 1040.

Source: IRS.GOV