by Mel C. Jardan

It happens every year, sometime in December, when you need to start thinking and organizing yourself for tax time.

Yes, taxes are a “chore” however, the 1040A can make filing rather painless. For the average person, filing often results in a decent cash refund. Generally is it is the fear of the unknown regarding your taxes, that have people running scared.

Now, you may think that you dont make enough money, so why bother filing. Or, the IRS only watches for high income earners, so theyll never know if I don’t file. Guess what, they will ~ filing your taxes has two benefits 1) There is a good chance youll receive a refund ” why would you not claim YOUR MONEY? 2) If it turns out you owe money, chances are it is not very much. Better to pay now than get interest charged- as it really does add up.

If you think that you have not earned enough money to file think about the fact that the government owes YOU! Not filing taxes can also have some serious consequences if you do owe the IRS. It is better to know where you stand and make arrangements for payment then to stick your head in the sand and hope that it goes away ” unfortunately the IRS never does.

The IRS produced a very straightforward form called the 1040A. It has a bit more flexibility in relation to credits than the 1040EZ. It is all of two pages long, although you may have to complete a schedule for certain deductions. This little form is much easier to complete then the full meal deal. Dont think you are missing out on potential deductions just because it is not complicated. To see if you can use this form, take a look at the points below.

You are allowed to use the 1040A if:

Your taxable income is less than $100,000 (subtract your total deduction from your total income).

You did not exercise incentive stock options.

Income comes from:

Capital gains,

Grants and/or scholarships,

Interest and dividends,

Pensions, annuities, IRA distributions,

Social Security benefits,

Unemployment,

Employment Wages

Your deductions are standard:

Classroom expenses

Student loan interest

Tuition and fees

You are claiming the standard tax credits which are:

Retirement savings contributions

Elderly and disabled credit

Child and dependent care expenses

Earned income credit

Child tax credit

Additional child tax credit

Lifetime Learning and Hope education credits

Since youve read all the way thru this article, why not buckle down and just get it done. There may be a few schedules that you need to complete regarding your expenses ” click below to grab all you need.

2008 Form 1040A Instructions (http://www.irs.gov/pub/irs-pdf/f1040a.pdf)

1040A Form (http://www.irs.gov/pub/irs-pdf/f1040a.pdf)

Schedule 1 – Interest and Ordinary Dividends (http://www.irs.gov/pub/irs-pdf/f1040as1.pdf)

Schedule 2 ” Child and Dependent Care Expenses (http://www.irs.gov/pub/irs-pdf/f1040as2.pdf)

Instructions for Schedule 2 ” (http://www.irs.gov/pub/irs-pdf/i1040as2.pdf)

Schedule 3 ” Credit for Elderly and the Disabled (http://www.irs.gov/pub/irs-pdf/f1040as3.pdf)

Instructions for Schedule 3 (http://www.irs.gov/pub/irs-pdf/i1040as3.pdf)

About the Author:
Visit Mel C. Jardan’s site for additional information on taxes. If you need additional advice on such topics as sample legal letters to the IRS, IRS loopholes, etc., Visit Mels blog at Tax Help

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