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Tag: Indian CPA

Federal Tax Forms: Which one should you use?

U.S. citizens and resident aliens use one of three different forms for filing individual federal income tax returns: 1040EZ, 1040A, or 1040. If you’re wondering which form you should use, keep reading. Form 1040EZ   Form 1040EZ, Income Tax Return for Single and Joint Filers With No Dependents, is the least complicated federal tax form. however, if you file Form 1040EZ, you should be aware that you can’t itemize deductions or claim any adjustments to income […]

Six Overlooked Tax Breaks for Individuals

Confused about which credits and deductions you can claim on your 2015 tax return? You’re not alone. Here are six tax breaks that you won’t want to overlook. 1. State Sales and Income Taxes Thanks to last-minute tax extender legislation passed in December, taxpayers filing their 2015 returns can still deduct either state income tax paid or state sales tax paid, whichever is greater. Here’s how it works. If you bought a big-ticket item like […]

March 2015 Individual Due Dates for income tax return

March 2 – All businesses. File information returns (for example, Forms 1099) for certain payments you made during 2014. These payments are described under February 2. There are different forms for different types of payments. Use a separate Form 1096, Annual Summary and Transmittal of U.S. Information Returns, to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how […]

2015 Tax Filing Season Volume Outpacing Prior Year

The 2015 tax filing season is off to a strong start with most clients filing their returns electronically and choosing direct deposit for their refunds, according to the Internal Revenue Service. As of Jan. 31, the IRS received more than 14 million tax returns this year. More than 13 million of those returns have been filed electronically, an indication that more clients are realizing the benefits that e-filing offers. “We encourage clients to e-file their […]

How will taxpayers report minimum essential coverage?

Taxpayers whose entire tax household had minimum essential coverage for each month of their tax year will indicate this on their federal income tax return by simply checking a box on their Form 1040, 1040A or 1040EZ. No further action is required.     If anyone in the taxpayer’s household did not have minimum essential coverage for each month of the year, the taxpayer will claim a coverage exemption or calculate an individual shared responsibility […]