The 2011 1040 Form is the most commonly used tax form by individuals. You must use this tax form if you want to itemize. You cannot use the short form 1040ez if you want to itemize your tax deductions. The 1040 Tax Form really isn’t that difficult to prepare. Most of us get so nervous about tax forms.
IRS Web Site or Online Tax Preparation
You have options when it comes to the 1040 form. You can go to our tax forms page
and download the 1040 tax form, or you can go online and tap into one of many online tax preparation companies, such as TurboTax Online. You’ve seen the commercials and I’m sure you’re already familiar with all of the most predominant tax preparation companies available.
If I were you, I would stick with one of the big guys when it comes to tax preparation, do what you want, but I’m just saying it might be wise. Some people may want to go with the least expensive tax service, but you do get what you pay for in life.
Now let’s take a look at the 1040 tax form. You will of course enter all of the basic information about yourself. You will enter your name, address and Social Security number. The 1040 tax form is separated into sections and after your basic identifying information you will see filing status, exemptions, income, adjusted gross income, tax and credits, other taxes, payments, refund and amount you owe. The bottom has a section for your signature and also a place for your paid preparer’s signature, if you decide to go with that expensive choice.
You may want to consider preparing and filing your 1040 tax form yourself by using an online tax service. When I compared the difference between a paid preparer and preparing and filing my income tax return online by myself, I couldn’t believe how much money I saved myself and I’m talking about hundreds of dollars not ten or twenty.
If you choose a company such as, TurboTax Online, all of your personal information will automatically be imported into your tax return when you come back to file for the second year. Once you have spent the time entering all of the data and numbers TurboTax will remember it for you which will save lots of time.
Tax Form 1040 Guidance and Instructions
One of the nice things about using an online tax preparation company is the fact that you don’t have to be confused about what the 1040 tax form wants you to do. I used to scratch my head and wonder, “What the heck am I supposed to put in that box?”
Online tax preparation guides you through the 1040 tax form like a GPS system and offers special guidance for first time users. You can ask the community of users for advice or read the little tips that pop up along the way. You also have the choice of additional services which are inexpensive if you need a little more tax expertise or confidence.
1040 Tax Form can be Complicated
I’m not saying the 1040 tax form is a spring breeze or a walk in the park for everybody. Let’s face the truth. The 1040 tax form can be confusing and scary if you mess the whole thing up. Nobody wants to face an audit, penalties or interest. Simple mistakes can cause a real mess and delays will set in which can cause all sorts of complications.
TurboTax Online tax preparation software will scan your income tax return and check for all of those common tax errors. TurboTax even has an award winning full service support service to keep you informed and up to date with all of the current, last minute tax law changes. If you would like to try to improve your tax return this year and get the biggest refund guaranteed, then try to prepare and file your 1040 tax form online!