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The Form 1040 is used for tax filing purposes. The form is known as a U.S. Individual Income Tax Return and it will be used by people who need to file their yearly income tax return. The form will be received and recorded by the United States Internal Revenue Service. The Form 1040 is one of the simplest forms available to accurately and completely file income taxes.
A Form 1040 will require a lot of personal information. Information to prove your identity will be needed, including full name, social security number, and address. Financial information is also required. This is how the IRS will ensure you are paying the appropriate amount of income tax. You will need to include your total earnings for the year from your job. Certain expenses and deductions can also be included in order to reduce the amount of taxes you owe.
The income tax return will determine whether you owe more taxes to the IRS or if you are owed a refund. If you have complicated finances, a tax professional can be helpful.
Are you self-employed? Here’s how to determine if you are, what you can deduct from your self-employment income, what IRS forms you may need to use, and how self-employment affects your tax return.
Yes, you will need to file Form 1040. You will also need to include Schedule 1 and Schedule C with your tax return. These are the required forms when you are self-employed. You may need other forms, such as Schedule 2, Schedule SE, Form 4562, and others. If you re not sure which documents do or do not apply to you, ask a tax professional for help. Jackson Hewitt s Tax Pros can help you determine which deductions make sense for your specific work situation.
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