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 returnswere 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…
Posted: August 19, 2018 Under: Income Tax By: Gust Lenglet
3 Ways My Scholarship or Federal Pell Grant is Tax Free
If you’re entering college and have just been awarded a scholarship or perhaps a federal Pell grant, congratulations are in order. This will certainly help to defray the high cost of college and its great news. However, you need to find out if any part of it is classified as income. If so, it must be reported on your tax return. There are various criteria that will tell you if the federal Pell grant or scholarship is taxable income.
When is a federal Pell Grant or a scholarship tax free?
You are registered as a full time or a part time student pursuing a degree at an accredited primary or secondary or a post-secondary institution.
Count the Reasons Why You Should Do Taxes Online With Us
It’s no secret that millions of taxpayers each year choose to do taxes online rather than buying and downloading software, or worse yet, taking their records to a CPA.
There are several reasons for this trend with the first being a matter of convenience. Doing taxes online is so much easier than traveling to your local CPA with your tax records in tow.
All that you need to do is to decide on the online tax filing software vendor that you will be using to do taxes online. A search on the internet will provide you with a few million offers, which can be somewhat overwhelming. View full post…
Posted: November 2, 2013 Under: Income Tax By: Gust Lenglet
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