How to Fill Out Your 1040 Tax Form for 2013

Tax forms have a few changes every year, depending on the changes in the tax code/law.
Below is only the updates for the 1040 tax form.

The review of the whole tax form is in a video below.

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2011 Tax Form 1040 Update

Some things on the tax form change from year to year. This is the update information for tax year 2011.

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How to Fill out Your Income Tax Form 1040

The main form that you file when you file your income tax in IRS Form 1040. This video explains how to fill out your tax form and how you can get more tax credits and deductions.

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Shop for Tax Credits at the IRS Superstore

Tax credits are much easier to get than you think. But if you do not know about the credits or you do not apply for the tax credits you will miss out.

Make sure you check out all the credits you may qualify for.

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Six Tax Tips to Make Tax Filing a Breeze

Six Tax Tips to Make Tax Filing a Breeze

Tax preparation shouldn’t be so stressful. The IRS has put together six tips to help make your tax filing experience a breeze this year.

1. Don’t Procrastinate Resist the temptation to put off your taxes until the very last minute. Rushing to meet the filing deadline may cause you to overlook potential sources of tax savings and will likely increase your risk of making an error.

2. Visit the IRS Website In 2010, more than 304 million visits were made to http://www.irs.gov. Make 1040 Central your first stop to learn the latest news and find answers to your questions about tax filing.

3. Use Free File Let Free File do the hard work for you with brand-name tax software or online fillable forms. It’s available exclusively at http://www/irs.gov. Everyone can find an option to prepare their tax return and e-file it for free. If you made $58,000 or less, you qualify for free tax software that is offered through a private-public partnership with manufacturers. If you made more or are comfortable preparing your own tax return, there’s Free File Fillable Forms, the electronic versions of IRS paper forms. Visit www.irs.gov/freefile to review your options.

4. Try IRS e-file After 21 years, IRS e-file has become the safe, easy and most common way to file a tax return. Last year, 70 percent of taxpayers – 99 million people – used IRS e-file. Starting in 2011, many tax preparers will be required to use e-file and will explain your filing options to you. This is your chance to give it a try. IRS e-file is approaching 1 billion returns processed safely and securely. If you owe taxes, you have payment options to file immediately and pay later (by the tax deadline). Best of all, combine e-file with direct deposit and you can get your refund in as few as 10 days.

5. Don’t Panic if You Can’t Pay If you cannot pay the full amount of taxes you owe by the mid-April deadline, you should still file your return by the deadline and pay as much as you can to avoid penalties and interest. You should also contact the IRS to discuss your payment options at 800-829-1040. The agency may be able to provide some relief such as an installment agreement.

More than 75 percent of taxpayers eligible for an Installment Agreement can apply using the Web-based Online Payment Agreement application available on IRS.gov. To find out more about this simple and convenient process type “Online Payment Agreement” in the search box on the IRS.gov homepage.

6. Request an Extension of Time to File – But Pay on Time If the mid-April tax deadline clock runs out, you can get an automatic six-month extension of time to file through October 17. However, this extension of time to file does not give you more time to pay any taxes due. If you have not paid at least 90 percent of the total tax due by the April deadline you may also be subject to an Estimated Tax Penalty. To obtain an extension, just file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. The easiest way to file a Form 4868 is through Free File at www.irs.gov/freefile. Form 4868 is also available for downloading at http://www.irs.gov or you can call 800-TAX-FORM (800-829-3676) and have a paper form mailed to you.

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Most Overlooked Tax Deductions Part 2

There are over 250 tax deductions. This video talks about some of the commonly overlooked tax dections.

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Tax Deductions Video Part 1

This is video part 1 about tax deductions. There are many tax deductions that you may be able to take when you learn what they are.

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How To Fill Out Tax Form 1040

Every person who files income tax forms will fill out the tax Form 1040. When you know more about the things on this form you will save more money on your taxes.
Below is a 10 min video about how to fill out your tax form 1040.

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Dividend Tax

This video is a short explination about dividend tax.

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Medical Expense Tax Deductions

Medical and Dental Expenses

If you itemize your deductions on Form 1040, Schedule A, you may be able to deduct expenses you paid in 2010 for medical care – including dental – for yourself, your spouse, and your dependents. Here are six things the IRS wants you to know about medical and dental expenses and other benefits.

You may deduct only the amount by which your total medical care expenses for the year exceed 7.5 percent of your adjusted gross income. You do this calculation on Form 1040, Schedule A in computing the amount deductible.
You can only include the medical expenses you paid during the year. Your total medical expenses for the year must be reduced by any reimbursement. It makes no difference if you receive the reimbursement or if it is paid directly to the doctor or hospital.
You may include qualified medical expenses you pay for yourself, your spouse, and your dependents, including a person you claim as a dependent under a multiple support agreement. If either parent claims a child as a dependent under the rules for divorced or separated parents, each parent may deduct the medical expenses he or she actually pays for the child. You can also deduct medical expenses you paid for someone who would have qualified as your dependent except that the person didn’t meet the gross income or joint return test.
A deduction is allowed only for expenses primarily paid for the prevention or alleviation of a physical or mental defect or illness. Medical care expenses include payments for the diagnosis, cure, mitigation, treatment, or prevention of disease, or treatment affecting any structure or function of the body. The cost of drugs is deductible only for drugs that require a prescription except for insulin.
You may deduct transportation costs primarily for and essential to medical care that qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance may be deducted. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses. With either method you may include tolls and parking fees.
Distributions from Health Savings Accounts and withdrawals from Flexible Spending Arrangements may be tax free if you pay qualified medical expenses.
For additional information on medical deductions and benefits, see Publication 502, Medical and Dental Expenses or Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans, available at http://www.irs.gov or by calling 800-TAX-FORM (800-829-3676).

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