If you have any question regarding Form 1040 or seeking relevant information on this subject than this article will prove to be very helpful for you.
In this article, we will highlight some of the most vital aspects of filing federal taxes.
1.
Filing Status Filing status basically is the state or status of an individual at the end of the tax year.
The following are the status option available to the taxpayers a.
Single - Person who has not married at the end of the year.
b.
Married filing jointly - It is for those couples who file their return jointly.
c.
Married filing separately - In majority of the cases filing taxes jointly is preferred.
However in certain situation, filing taxes separately can save you a lot of money due to deductions and similar things.
d.
Head of Household - Many times head of household is confused with MFS.
However, two persons who are married cannot claim the HOH status.
2.
Income Tax exemptions are something which every one of us likes.
To know what all comes under tax exemptions you need to spend a bit time researching.
The form 1040 A and EZ form is less complex and has few blanks and boxes.
Hopefully, this article has given you a quite a bit knowledge on the subject matter.
Do visit IRS website and read some publications as these will definitely help you in filing your taxes properly and also will brief you about things such as IRS tax refund, rebates, extensions etc.