Archive for January, 2014

Paying Taxes After You Die

Paying her respects

If you die and leave an estate, you will use IRS Form 1041 to file and pay federal income taxes each year.  In the eyes of the IRS, your property is treated as if it were a person: it gets a tax id number and must pay taxes on income.  Who takes care of this?  […]

Can I Use IRS Form 1040A? Do You Really Need to Know?

time for taxes

What’s the difference between IRS 1040, 1040A and 1040EZ?  Which 1040 form do you use?  What is tax form 1040EZ?  Do you really need to know?  The answer is no, not really.  Back before online tax preparation and tax prep software, when income tax returns were filed on paper forms, taxpayers did need to know.  […]

IRS Form 1040 EZ: If Only Life Were This Simple

Accounting.

There are only a few circumstances I cant think of where filing your federal income tax return on paper is preferable to filing electronically.  When your tax life is so simple and straightforward that you can get away with using the IRS Form 1040 EZ, sometimes paper filing is just as good.  However, if you […]

Employers: Don’t Forget IRS Form 941

photodune-645494-businessmen-wrapping-up-a-meeting-with-handshake-xs

If you have employees you need to know about IRS Form 941.  This is called Employer’s Quarterly Federal Tax Return.  It basically covers what you paid your employees and what you need to pay in Social Security and Medicare taxes on their behalf.  You are reporting and paying the withholding you calculated on every paycheck […]

When You Have to USe the IRS Form 1040

Filling tax forms 1040

IRS Form 1040 is what you use if you can’t get away with using the 1040EZ or the 1040A.  It’s preferable to use a shorter, easier tax form when filing your federal income tax return, so take a quick look at our IRS Form 1040 checklist below to see which form you should use. IRS […]