5 Tips to File Your Taxes Electronically the Easy Way
Each year the number of tax returns that were submitted by e-filing has been increasing substantially. In 2001, about 30% were e-filed and in 2020, the number jumped to over 92%. Americans know if you file your taxes electronically, refunds arrive sooner.
There are 5 primary reasons why this technology has taken off and isn’t too far from the 100% goal set by the IRS View full post…
Do I have to Report Unemployment Money on my Tax Return?
Short answer…yes, it’s taxable on your Federal return and on most of the states too. We know next year’s taxes are the least of your worries right now when you lose your job. But, if you’ve gotten any unemployment money this year, it’s a good idea to look at this now, and understand just how they’re taxed. You’ll avoid bad surprises that way.
Unfortunately, yes. We know it seems like the government is kicking you in the gut when you’re down and out. It gets worse…that extra $600 a week a lot of people got through the Cares Act is also taxable.
We hate to be the bearer of more bad news, but View full post…
The IRS New Post Card Size Form 1040
By now, most of you have either seen the new Form 1040, or have read a lot of comments on the Internet. Is it really the size of a post card? Can you file your tax return using just this new form?
Pretty much. (See the front and back below)
Some may. Probably not for most.
What is the Form 1040?
This form was first introduced over a hundred years ago as the primary summary form for individual tax returns. In the beginning, all Form 1040 returns were done by hand. Eventually when computers came upon the scene, a few outside vendors were preparing tax returns for accounting firms.
These returns, however, had to be mailed in by the taxpayer. Then in 1986, e-filing was introduced by the IRS, and this was the point that forever changed the method you could file your tax return. View full post…