The time is just about right to file for income taxes. The deadline is April 18th, and you should do what you can to dodge gone the deadline. Otherwise, you end up having pay penalties, which is really unnecessary.
Tax Preparation Software 2010
When filing for individual income tax, there are three types of forms that you can use. Be sure to pick the right form.
1) 1040 EZ This is perhaps the most commonly used form.
You can use this form if:
- Your income is less than $100k You are filing as a single, or you are filing jointly as a married couple Both you and your spouse are under the age of 65, and both of you are not blind. There are no dependents in your claim. You earn less than $1,500 in interest income.
2) 1040 A Your income is less than $100k
-You have capital gains to declare. You are claiming certain tax credits. You claim deductions for special items. (e.g. apprentice loan interest, schooling fees, etc)
If you don’t fall into either one of the categories above, you probably need to fill in the 1040 form.
3) 1040 Taxable income is above $100k There is income from sale of property. There are tax deductions. You have self employed income to declare. Selecting the right form to use is vital because if you make mistakes when filing for your tax returns, you will be questioned to file again. Of course, if you file early enough, you may still be able to meet the April 18th deadline.
But if there is not enough time, you may have to meet the October 17th deadline. For the second deadline, penalties apply. So you want to dodge being in this situation.
One way to file quickly and get the job done well is to efile. When you efile, the information is sent directly to the IRS for processing. The process can take between 7 to 10 days. If you qualify for income tax refunds, the funds can be directly deposited into your bank account. The entire time frame, from the top you submit your tax returns, to the time you get the cash in your account, is only about 14 days.
This speed is next to impossible to achieve if you choose the manual filing route. On an endorsed online website (look out for the IRS logo), there will be a list of supported forms. Of course, all the commonly used forms are supported – 1040EZ, 1040A, 1040, etc.
To efile, just make an account with your SSN number. Once an account is made, you can use back the same account to efile again. Login with your password and user name (your SSN number) and the efiling process will start. Simply stay on the instructions to complete the filing.
