Which Income Tax Form Should I Use?

With the new income tax law, filing your taxes may have changed slightly. If your annual income is below a certain threshold, you may not have to file your taxes. However, in order to claim a refundable tax credit or a refund on income tax, you are going to need to file a tax return. In this regard, Georgen Scarborough Associates, PC is here to help you.

Get Your Paperwork In Order

Before you can file a tax return, you are going to need proof of your income and deductions. Below are a some of the forms needed as back-up documents for your returns:

    • W-2 form

From your employer (or employers) you are going to need a W-2 form. This form is known as the Wage and Tax Statement and it shows your yearly income as well as the tax deductions from it.

    • 1099-MISC And 1099-INT Form

You will also need to provide a 1099-MISC and 1099-INT form, if applicable, to detail any other earnings and interest statements. In order to claim deductions for health insurance, charitable donations, and medical and business expenditures, you are going to need proof of your policies and receipts of your transactions.

    • Form 1040

Once you have gathered all the required information, you can use it to fill out your tax return. In order to do so, you will need to use Form 1040. Forms 1040-A and 1040-EZ have been discontinued and will no longer be accepted.

    • Form 1040 Schedules

That being said, if your tax return is more complicated and you are able to claim certain deductions or credits you will need to complete additional Form 1040 Schedules.

Georgen Scarborough Associates, PC

Filing your taxes is a tedious but necessary part of life. Unfortunately, getting it wrong could be a big headache. Contact us today to ensure that your taxes can be filed in a timely and professional manner, maximizing your return and leaving you with more time to do what’s important in your life and business.