The 1040 Ez Form Is Simple, But It Isn’t Always The Best
Every year, thousands of people give their money to Uncle Sam needlessly. Don’t be one of those unfortunate souls who fail to get the money that the government owes just because you want an easy tax return. Stay with me for a minute and I will help you figure out if you can get a bigger refund by filling out a 1040 form instead of the 1040 EZ Form. At the end, I will tell you about software that will automatically determine which tax form is best for you.
The first test to see if you should use the 1040 EZ Form is to look at your filing status. In order to use the short form, you need to be single or married with no other dependents (ie. children). If you meet this test, consider the rest of your situation to decide if you should use the 1040 EZ form.
Okay, if you are still considering the 1040 EZ Form, you need to look at the deductions you have. Without knowing exact numbers, it is pretty safe to say that if you own a house, you don’t want to use the short form. The mortgage interest you pay is tax deductible if you use the long form. You may have enough deductions enough deductions to make the long form worth a lot of money even if you don’t own a home. Student loan interest and charitable contributions can add up to enough to get you a bigger return by claiming them instead of the standard deduction you get on the EZ form.
When you get ready to do your taxes, make sure you get both tax forms and put the numbers in both forms. You could save hundreds of dollars just by using the proper form. If you want to take the really easy way out, let one of the great online tax software packages do the work for you. They will take your information and figure out which way is best for you.
Don’t let the IRS keep your hard earned money. Head on over to www.OnlineTaxSoftware.info and get your money back from Uncle Sam!
