Believe it or not, the tax season 2013 is right at your doorstep once again. As always, you have the option of figuring out your taxes yourself by hand, using the help of the latest tax software, or paying a tax professional to do the work for you.
But, what if you want to do it yourself and you don’t want to take a lot of time doing it? This is where federal Form 1040EZ comes in.
Why should you use Form 1040EZ?
1. In a word, it really is “Easy.” This is true as far as filling out forms for the IRS goes anyway. If you want to save yourself hours of precious time, fill out this form. And, in many cases, you’ll save tons of frustration and irritation in the process. If your spouse helps you do the work, you’ll probably save many arguments too.
2. Many of the national tax preparation chains will prepare this form for free. Instead of paying an accountant a few hundred dollars to do your taxes, you can get this form done for free in many cases. Why not save yourself some extra money and spend it doing something fun instead?
3. The IRS can process this form faster. If you are owed a tax refund, this means you will get your refund months sooner. You’ve been giving the IRS a free loan by letting them hold onto your money for the past several months. Wouldn’t it be great to get that money back into your hands a little sooner?
Who Should File a 1040EZ?
As with all other tax forms, form 1040EZ is not one that everyone can, or even should, file. Here are some of the guidelines to help you determine if this is a form you would want to file:
• You must be single or married filing jointly
• You must not claim any dependents
• You and your spouse must be under the age of 65
• You only have wages, salaries, tips, and unemployment compensation
• Your taxable interest was not over $1,500
• Your taxable income must be less than $100,000
• You have not filed Chapter 11 bankruptcy within the last 6 years
• You must not claim any student loan interest deduction
• You did not claim any additional standard deduction for real estate taxes
• You do not claim a student loan interest deduction
• You do not claim an education credit, retirement savings contributions credit, or a health coverage tax credit
While the 1040EZ is not for everyone, it works great for those who does fit. If you are interested in a quick and painless way to file your taxes, and you meet all of these criteria, consider using this form this tax season.