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Understand Forms and Tax Tips for Increasing Your Refund
Navigating the maze of forms when you are getting ready to file your taxes can be difficult. Especially if you are unfamiliar with the process, you want to make sure that you have all of the information you need in order to accurately file and avoid any penalties. Learning about the types of 1040 form you may use will help you so you can take the next steps toward maximizing your refund. The 1040EZ is for those with taxable income under $100,000 and filers must be under the age of 65 to use it. The 1040A limits deductions to those for IRA contributions, student loan interest, education expenses or higher education tuition and fees. The 1040 Long is the most comprehensive of the three. Once you know which form you will use to file you can begin plugging in your information so that you can claim all of the credits and deductions you qualify for. The infographic that follows takes a closer look at ways you can maximize your refund and giving you a few tax tips.
Created by the team at Levy Tax Help.
