Checklist for preparation of 1040 1024x768-02

Meru Accounting is one of the leading outsourcing firms in India. We feel that it is a great opportunity to share our expertise and knowledge with you. In this blog post, we provide information about a complete checklist for the preparation of 1040. Read for detailed information.

Form 1040 is the principal federal income tax form that is used to report a person’s annual average income (e.g., money, goods, property, and services). We know it as “the long-form” since it is more extensive and detailed than its subsidiary forms like the 1040A and 1040EZ Tax Forms.

Also, unlike the other tax forms, Form 1040 allows taxpayers to claim a lot of expenses and tax credits, record deductions, and adjust their income.

Before we delve into the details of this form, let us first see what it means to ‘claim tax’ or ‘tax returns’. A tax return is a form filed with a taxing authority that reports income, expenses, and other important financial tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for any overpayment of taxes.

Forms like the 1040 form is a tax return form that is used for the purposes mentioned above. Even though 1040 may take longer to complete, it is helpful to taxpayers as it gives them more opportunities to lower their tax bills.

The 1040 Form is due by April 15th of every year, but that is unless you apply for an automatic tax extension. If you do not file your tax extension by this date, you will be subjected to penalties and late fees. You can request the mentioned tax extension by submitting the IRS Tax Form 4868 by the original filing deadline (April 15) which will grant the filer a six-month extension.

There are many ways to get Tax Form 1040. One of the fastest and most convenient options at present is to download the tax form on your computer. There are, however, other options available as well since most post offices and local libraries carry tax forms during filing season. You can pick up forms from any tax centre. In addition, you may request to send a tax form to you from the tax centre by the U.S. Mail.

You may like to know our services Bookkeeping Services for the United States

Before you file the tax form 1040, there are few prerequisites that to be eligible for filing the tax form 1040. You must file Form 1040 if any of the following apply if you:

Once you are eligible to file the tax form 1040, there are few things that you need to take care of before they proceed the filing with.

Before you file your 1040 tax form, make sure you have the following information ready:
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