If you are like most Americans, you have questions about taxes. That doesn’t make you weird, it makes you human. To help you out, we at TaxSlayer thought it would be ideal to answer some of the more commonly asked tax questions. We believe there are no stupid tax questions.
What tax form should I use?
There are five most commonly used tax forms. Your individual filing status, employment, dependents and finances dictate which form you should use.
1040EZ: This is used when you have a simple, basic tax return. In other words, you take the standard deductions, have no dependents, earn less than $100,000 and only one W-2.
1040A: Applicable if you have a few deductions, such as the Child Tax Credit and/or student loans. This is in addition to the basic information needed to complete the 1040EZ.
1040: Used when you have a more involved return. To put it differently, the 1040 is best if you itemize deductions, own a home, have student loan interest and/or have dependents.
Schedule C: If you are a freelancer, contractor or self-employed this is the form for you. You can report business income and expenses on a Schedule C.
Schedule B: This form allows you to report interest and dividends of $1,500 or more. Any amount less than $1,500 should be reported on form 1040. The Schedule B is ideal for people with investments and savings accounts.
What is a 1099? There are different versions of form 1099. One of the most familiar is the 1099-MISC. This form is used to report miscellaneous income from work provided for an organization in which you are not an employee. It takes the place of a W-2 form from that employer. The form is also used to report winnings of $600 or more. In both cases, you will receive a 1099 statement via mail just as you would receive a W-2.
Where’s my refund? You can find out the expected date of arrival for your refund by visiting www.irs.gov/refund. Once you have filed and the IRS has accepted and approved your return, you can check the status of your refund via the IRS. It is recommended that you elect to receive your refund via direct deposit to receive your refund more quickly.
We hope this brief Q&A has helped you to become more confident in filing your taxes. TaxSlayer helps you through the filing process with a Guide Me feature, which is a step-by-step process to filing. Additionally, TaxSlayer offers free live phone and e-mail support to assist you with your tax related questions.