The Internal Revenue Service (IRS) has released the very-probably-unless-Congress-does-something-soon final version of Form 1040, U.S. Individual Income Tax Return for 2020 (downloads as a PDF). There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. Page One Identifying information. There are no real changes…
The Internal Revenue Service (IRS) has released a draft of Form 1040, U.S. Individual Income Tax Return. There are several notable changes to the form proposed for the tax year 2020 – the tax return that you’ll file in 2021. And… postcard-sized, it’s not. Let’s dive right in. Virtual currency. At first blush, the top of the return…
The tax filing deadline for individual taxpayers is just a week away. If you’ve been pushing off filing, you may want to consider filing for an extension. It only takes a few minutes, there are no special hoops to jump through, and there’s no fee payable to the Internal Revenue Service (IRS). And contrary to…
Remember those postcard-sized tax returns? They’re here. Sort of. They’re not exactly postcard-sized, but the new form 1040 is smaller than before. The Internal Revenue Service (IRS) has made the new form 1040 and the accompanying six new schedules for the 2018 tax year available on the IRS website. Here’s a peek at page one…
For those of you who don’t hang out with me in real life, here’s stuff you might not know: I bake my own bread. I pickle my own vegetables. I make my kids’ Halloween costumes. I can code a little. But I do not do my own taxes. I used to do my own returns…
When I was in college, I used to think there were only two federal income tax returns: the form 1040-EZ for students and the form 1040 for everybody else. Of course, many years and a couple of degrees later, I’ve figured out that I was wrong. There are actually a number of tax forms available…
Here’s one that you can file under “what not to do”… You know your final paycheck of the year? The one with the check stub that reads “Year-to-Date”? It means nothing. When I used to prepare returns, I used to cringe whenever a client brought in a paycheck stub and explained to me that they…
Taxpayer asks: I filed the 1040ez for 2009 and had gambling winnings of 2500.00. I got a notice from IRS that I owe an increase of 625.00.It was reported on a w-2g I did not file a sched. A.How can I report my gambling loss of up to 2500.00Since I have already filed the 1040ez.Or…
I’ve received a bunch of questions about the Making Work Pay Credit. I agree – it is confusing. Let me see if I can make some sense of it for you. To keep things simple, I’m doing this in two posts. This first post will assist you in calculating the credit and completing Schedule M….
Here’s the form for individuals: form 4868 as pdf