1040EZ Basics
Filing a complicated tax return just isn’t necessary for many people. The beauty of the US tax system is that it presents options for people who just don’t have to file for hundreds of deductions. Someone who just wants to file a basic return should look towards form 1040EZ.
There are a few downsides to using it. You may not use the form if you are claiming dependents beside yourself. This means that only single or joint filers can use this form. You also have a very limited ability for deductions and credits, since you may only claim your standard deduction. This isn’t necessary bad though. If you don’t have many special deductions, then your standard deduction would probably be larger anyway. This means that you might as well save some time and use the 1040 ez.
You don’t need to file a Long Form unless you made a lot of money and have incredibly complicated finances. In this situation, I would imagine that you would be more than capable of hiring the necessary help. Other people with simpler finances can look toward options like the 1040A. This form is somewhere between the 1040 Long and the 1040EZ. It allows you to claim dependents along with many other standard tax credits, but it doesn’t require the information and input of the 1040 Long. A large number of people could benefit greatly by using form 1040A. The form itself is somewhat self explanatory and shouldn’t present an extraordinary challenge to most filers.
The 1040EZ tax form won’t be right for every person. The rider about the dependents will mean that many couples will eventually have to shift over to the 1040A. Regardless, it will act as a good option for people who don’t want to waste time and money on unnecessary tax preparation. It’s at least something to look into when tax season rolls around.
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