Free Tax Tips

Posts Tagged ‘1040ez’

Question: Help! I got a letter about my taxes I don’t understand! Do I owe, or do they owe me?

I got a letter in the mail today from the IRS (form 2210 & 2008 tax form 1040EZ). I’ve never done my taxes.. I’ve always had someone else do them, and nobody in my family (or I) understand what this thing is talking about.. The form instructions talk about “underpayments” and “penalties”, but the other form they sent that shows my & IRS figures says “Amount of Overpayment: $102″ and “Total amount of refund per this notice (interest added, if any): $102″

Does this mean I owe them $102? Or do they owe me? What am I supposed to do?

Answer: Sounds like they’re sending you $102. Show the person who prepared your taxes all the paperwork. Should be receiving a check in the mail or check your bank for DD of $102.

Don’t be so afraid of taxes. You are a reasonably intelligent adult, and you CAN figure out and file your own 1040EZ. Get the forms and instruction booklet from irs. It’s a short, simple form. Read the instructions and follow them line by line. You can do it and you will be assured that your taxes are properly done.

. . .or Call the number on the notices you received with the paper in hand and ask the IRS about the notices.

1040 ez Instructions Online for 2010, 2011

Question: 1099 vs w2.?

I have been given a choice between 1099 and W-2. I know with 1099 we have to pay all the social security taxes which come up to 15.3% and with W-2 we pay half of that (7.65%) as the employer pays the other half. So if i ask for 1099 and quote a rate which is 7.65% higher than what they are willing to give me on W-2, will my after tax income come up to be about the same? Or are there any other factors that might potentially tip the balance scale. Thanks.

Answer: Well that kind of depends on how much time you wish to devote to filling out your Income tax forms come Feb./Apr 2008. With the W2 than your tax form will be the simple 1040EZ and/or 1040 long depending on your filing status.

With the 1099 that declares you as having your own business and will require a lot of extra forms which at the end of it all could be a good thing but you also better have good documentation of expenses etc.. Start my going to a website that has tax forms or IRS site and print out a Schedule "C" form to get an idea of the kind of things you will need.

A checklist for preparing taxes

You have probably received most of the information necessary to complete your individual federal and state income taxes for 2009. Employers were required to have W2s postmarked by Feb. 2, and various other forms are sent throughout the first several weeks of the year.

Take It or Leave It eSmart Tax

Question: I really need help! Multiple jobs and taxes?

If I worked a few months in different jobs, for example 3 months at a wedding store and 2 months at a public school, etc, do I file my income tax combining all the earnings in one?

What form do I use? Do I use one 1040 form and nothing else?

Answer: Yes , you add them all together. Go to the library and get forms and instructions. The instructions will tell you what form to use. Or go to www.irs.gov

The Most-Overlooked Tax Deductions

Here are the top 19 breaks -- including six new ones -- that you shouldn't pass up.

Sample 1040EZ for Taxpayer Claimed as a Dependent

Question: Can I file 1099 & W2 both on a 1040/1040ez?

For the first time I’ve received a 1099-R & W2 forms. Can I file both of them on on my 1040/1040ez?

If so, where do I put the information from the 1099-R onto the 1040/1040ez?

Answer: You need to file long form 1040A for the 1099-R.

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ONE MORE MONSTER P.S.A.

Oak Park & River Forest Community Calendar

Oak Leaves and Forest Leaves welcome items for the Community Calendar, as well as items for Business Briefs, Campus News, Community Briefs, School Digest and Newsmakers. Items must be received minimum of 10 days prior to publication; earlier is better.

GET YOUR TAX REBATE: INSTRUCTIONS ON FORM 1040-A (ASL, CAPTIONS &AUDIO)