Tax Preparation Advice

by M.E. Hansen, All rights reserved. Do not duplicate without permission

Choose Your Tax Forms

Everyone must file the basic tax form 1040 (or 1040EZ or 1040A). You must include additional forms depending on the type and amount of income earned and deductions taken. Read the list below for a general overview of the forms you may need.

1040EZ
You may be able to use this form if you are Single or Married Filing Jointly, you have no dependents, you and your spouse are under 65 and not blind, your taxable income (which can only be from certain sources) is less than $50,000, your earned interest is less than $400 and you do not itemize deductions.

1040A
You may be able to use this form if your taxable income is less than $50,000 and you do not itemize deductions.

1040
Everyone can use this form to report all types of income. You must use this form if your taxable income is greater than $50,000. The 1040 is also the form used when you itemize your deductions instead of taking the standard deduction (which is generally the amount the government allows each person to claim instead of itemizing deductions). The amount of the standard deduction changes annually and is listed in the tax form booklets.

The following is a list of the schedules most commonly used with the 1040:

Schedule A (itemize deductions)

Schedule B (report taxable interest or dividends in excess of $400)

Schedule C or C-EZ (report profit or loss from a business)

Schedule D (report capital gains and losses)

Schedule E (report supplemental income and losses)

Schedule EIC (claim earned income tax credit)

Next Tax Preparation Page: Gather Income Statements, Prepare Your Forms