An Overview of Form 1040EZ

Form 1040EZ is just one of many IRS forms you may come across. It’s a type of statement designed to report how much you’ve earned to the IRS. If this form is brand new to you, we are going to introduce you to the main facts.1040EZ

The Simplest Form

This is the easiest and fastest form to file with. It’s one of three income statements you can use to submit your income. You can only include salary, taxable interest, tips, and wages on this form. If you have anything else and you will have to use a different form.

Payments and Credits

The next section involves you looking into whether you are claiming working tax credits, or any other benefits. You will write down anything that’s withheld and combine it with the W-2 form you should have received. This information is used to calculate whether you are entitled to a tax refund or not. However, keep in mind that this form has limits regarding the type of credits that you can claim.

The Signature

It’s alarming how many tax returns are sent to the IRS without being signed. It’s vital that you sign it because if you don’t the form is considered invalid. If you’re filing jointly, your spouse must sign the form as well.

Do You Need a Tax Preparer?

Despite this being the simplest form, it’s still a complex document and can be difficult to fill out correctly, especially if you have minimal experience. It’s always worth consulting with a tax professional to receive a level of help proportionate to your current tax situation.

Spend your time researching various tax professionals in your area to see which one is best for you.

Image credit: David Besnette

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johnAbout john
Seattle CPA+John Huddleston has written extensively on tax related subjects of interest to small business owners. He is a graduate of Washington State University and the University of Washington School of Law.

Huddleston Tax CPAs of Seattle & Bellevue
Certified Public Accountants Focused on Small Business

(800) 376-1785
40 Lake Bellevue Suite 100, Bellevue, WA 98005

Huddleston Tax CPAs & accountants provide tax preparation, tax planning, business coaching, Quickbooks consulting, bookkeeping, payroll and business valuation services for small business. We serve Seattle, Bellevue, Redmond, Tacoma, Everett, Kent, Kirkland, Bothell, Lynnwood, Mill Creek, Shoreline, Kenmore, Lake Forest Park, Mountlake Terrace, Renton, Tukwila, Federal Way, Burien, Seatac, Mercer Island, West Seattle, Auburn, Snohomish and Mukilteo. We have a few meeting locations. Call to meet John Huddleston, J.D., LL.M., CPA, Tawni Berg, CPA, Jennifer Zhou, CPA, Jessica Chisholm, CPA or Chuck McClure, CPA. Member WSCPA.