In its continuing effort to simplify filing and encourage compliance, the Internal Revenue Service has eliminated one form, given taxpayers fewer boxes to check on form 1040
and expanded the availability of a short form for reporting business profits.
If you have an automatic six-month extension to file your income tax return for 2011, file Form 1040
, 1040A, or 1040EZ, and pay any tax, interest, and penalties due.
Is not applying for an extension to file an individual income tax return (Form 1040
Observation: CPAs should be aware that for individual taxpayers who qualify for an automatic extension under IRC 6081, the late payment penalty can be avoided if the balance due on Form 1040
is less than 10% of the total tax and the balance due is remitted with the return.
If you paid cash wages of $2,100 or more in 2018 to a household employee, file Schedule H (Form 1040
) with your income tax return and report any household employment taxes.
The IRS is working on a new Form 1040
for the 2019 tax season and announced in late June that they are streamlining the Form 1040
into a "shorter, simpler postcard-sized" form intended to replace and consolidate current Forms 1040, 1040A and 1040EZ so that all 150 million taxpayers can use the same form.
Gather your most recent 2018 pay stubs and a copy of the2017 completed Form 1040
to estimate 2018 amounts.
Presence or absence of special Forms or Schedules (Form 2555, Form 1116, Form 1040
Schedule C, and Form 1040
Self-employed taxpayers file Form 1040
, Schedule C , Profit or Loss From Business (Sole Proprietorship), and compute this deduction on Form 8829, Expenses for Business Use of Your Home.
In the first post in this three-part Under the Hood series, we explored the financial planning opportunities arising from a client's gross income as listed on IRS Form 1040
, lines 7-21.
On three major Web-based tax forums, the volume of questions about Form 1095 or Form 1095-A was equal to 13 percent of the volume of 745 questions about Form 1040
TIGTA found that the IRS could reduce erroneous refunds, processing costs and taxpayer burden by revising the Form 1040
to allow for corrections to original tax return filings and expand e-filing to include amended tax returns.