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Tip of the Day

Tip of the Day Know When to File your Taxes

Know When to File your Taxes - For those of you who have been doing taxes a long time, you know that when you are expecting a refund you should...

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Free Tax Filing 1040ez

In order to qualify for free tax filling 1040EZ, several conditions are necessary. Here is an overview f the requirements you need to be eligible for free tax filling 1040EZ. For starters, your filling status must be that of a married filling singly or jointly and you have no claims on dependants such as children or elderly parents.

In addition to the above conditions, you should not be applying for any claim on adjustments such as school fees and other similar cases. In other words, the simple fact is that you claims should be plainly recovery rebate or purely earned income credit. There is also an age bracket and this states that you or your spouse if any must be under the age of 65 years. It is also important to note that you should both have sight as blind persons will not be eligible. Away from the age and disability factor, your taxable income should not be $100,000 and over and these income should strictly be from wages not any other sources such as business investments or stocks and the like. If your taxable interest income exceeds $1,500, then you do not qualify.

Most common causes of disqualification for free tax filling 1040EZ

As much as the above conditions may seem too many, most people fall under the category and. The most common reasons that prevent people from qualifying in this category are the use of itemized deductions or eligibility to deduction of moving expenses interests accrued on student loans or entitlement to alimony payments. The other common cause of ineligibility is having other sources of income such us capital gains or income from rental property or a simple case of self employment.

Advantages of free tax filling 1040E

The most important advantage is that the form can be filled online and at no cost at all. All you need to do is logon to the IRS site and type the form number and search. The form will appear and from there, you are free to either down load and print or to just e-fill it and submit online. Another good reason to go for the free tax filling form 1040EZ is the fact that you can get your refunds in as little as eight days from the time of submission. Basing on the above factors, it is automatic that the use of free tax filling form 1040Ez will result in saved time and less money spent and faster service delivery. Perhaps the only cost you might incur is an internet connectivity bill.

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Definition of the Day Bond Mutual Fund

Bond Mutual Fund - Bond mutual funds often focus on a particular type of bond such as municipal bonds, other government bonds, or corporate bonds. Municipal bonds are not a matter of Federal income taxes. You can steer clear of state taxes if you pick a...

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