Tax Forms: Which Ones Do You Need and Why?

No Frills

BASIC TAX FILING

You've worked one or two jobs during the year. You don't have any additional income. You rent an apartment for yourself. You are not in school. You have no kids. These are potential examples of a basic filing. For a basic filing, a 1040EZ form will generally do the trick. 

Responsibility is the Key

the next step up

You have dependents, whether children or adults. You own a home. You might be receiving alimony payments. You are receiving SSD or pension payments. These are potential examples that would require you to use the 1040 form. 

School is Very Cool

STUDENT DEDUCTIONS

You knew school would benefit you at some point. Who knew it would be sooner, rather than later? Two educational tax credits are available, the American Opportunity Tax Credit and the Lifetime Learning Credit. You would use the 1098-T form to see what is available. We are happy to assist you with the process so you can take full advantage of the tax credit available to you. 

Loving the Side Hustle

YOUR SIDE BUSINESS CAN REAP BENEFITS

Your side gig came in handy. You can take advantage of some of the tax benefits it provides you. Generally, you can use the Schedule C form for it. However, did you know that if you made under a certain amount and are not operating at a loss, you can use the Schedule C-EZ form instead? Hey, people! That's why we're here! We do the calculating for you, so you don't have to!

Busy Bee

benefits for business owners

There are multiple types of businesses. All of which have their own quirks and can benefit you in different ways. Due to those quirks, there are different forms that apply to each. Rather than bore you with all of the details, feel free to click below to explore the Business Tax Form Center located on the IRS website. 

Other Benefits to Consider

Home ownership

Were you a first-time homebuyer last year? Did you do any home improvements? Did you take out a refinance loan? Were you the victim of a natural disaster and incurred damage to your home? You may qualify for certain deductions.

military

There are tax benefits available for members of the military as well as contractors, members of the press in combat zones and employees of specific organizations.

Uh Oh! Did I Do That?

tax amendments & Audits

Look, we all make mistakes. Unfortunately, some end up costing us financially. If you were audited or your tax return was rejected, we can help. We will not only help you clear up matters but we will also advise you in how to prevent this from happening again. The 1040X form is what we use, along with other applicable documentation to resolve any issues that were brought to light.