Tax time is just around the corner, and you’ll want to be prepared. In the world of taxes, however, that could be asking for a lot.
Taxes continue to become more complex and complicated each year, and it can be hard to keep up with all of the numbers. If you aren’t careful, you could end up making the wrong moves on your taxes and lose out on some serious cash.
Luckily, there are solutions to handling taxes, and they’re much simpler than you might think. Find out about the most common tax forms out there that you can use to file for your taxes easily by reading this article!
Common Tax Forms: The Form 1040
This is usually the first tax form that most taxpayers run into, and as such is very well-known. The 1040 is affectionately known as the “long form” because of how long it is due to its high attention to detail.
If you make over $100,000 annually, are self-employed, or are reporting income from the sale of a property, the Form 1040 is going to be the one that you see.
The W-2 Form
Out of all of the forms listed in this article, the W-2 form is probably the most popular. W-2 forms are used for basic tax-filing needs by a salaried employee of a company, and will most likely be what you will use to file.
The good news is that the form is extremely easy to work with, and due to its popular use, there are sites such as www.paystubs.net that can help you work with it to get your taxes done on time.
The W-4 Form
The W-4 Form is quite similar to the W-2, except that it’s used in concerns to how much tax to withhold on your paycheck. You fill this form out before starting employment so your employer knows how much to withhold.
These are easy to fill out, but be careful to pay attention when you do them; any incorrect input can result in you overpaying or underpaying on taxes, which could lead to increased payout or a future amount due.
The 1040EZ Form
As the name might suggest, the 1040EZ is essentially the same as the Form 1040…except that it’s easy.
The 1040EZ Form allows you to bypass all of the lengthiness of the original 1040, making the form as basic and streamlined as possible. This is great for those who make under $100,000 or are single or married individuals with no dependents.
We’ve Got All the Facts
You know all about the most common tax forms that you can use to help file your taxes successfully. Now you need to learn about what else you can do to help navigate your life easily. We can help you do just that.
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