The 1040EZ is an alternative to the Internal Revenue Service’s (IRS) 1040 income tax form and offers a faster and easier way to file taxes, meant for taxpayers with rudimentary tax situations. In order to be eligible to use this form, the individual must have a taxable income of less than $100,000, interest income of $1,500 or less, possess no dependents and fulfill other requirements set by the IRS. Also known as "income tax return for single and joint filers with no dependents" and unofficially as the "easy form". For most individuals, the 1040EZ is the first tax form they will fill out. For example, a young adult with a part-time job will file a tax return at the end of the year. This person will have a straightforward and simple tax situation if she or he has no real estate assets, no tax shelters and no foreign income; only the most basic information is needed to determine whether any money is owed or refunded. As an individual's taxation situation becomes more complicated by having a child and claiming a dependent, he or she may need to file under the Form 1040A or Form 1040.
A simplified version of the 1040 form for individual income tax. To be eligible to use a 1040A form, an individual must fulfill certain requirements such as not itemizing deductions, not owning a business and having a taxable income of less than $100,000. Unofficially known as the "short form". While the form can be slightly more complex compared to the "1040EZ", it is still relatively simple in comparison to the 1040. once an individual's financial situation becomes complicated with dependents, special deductions and credits (such as those associated with post secondary education tuition), most taxpayers will often need to switch from filing with the 1040EZ to the 1040A.
The standard Internal Revenue Service (IRS) form that individuals use to file their annual income tax returns. The form contains sections that require taxpayers to disclose their financial income status for the year in order to ascertain whether additional taxes are owed or whether the taxpayer is due for a tax refund. 1040 forms need to be filed with the IRS by April 15.Also known as the "U.S. individual income tax return" or the "long form". While the 1040 form is composed of only a couple of pages, taxpayers may need to fill out extra sections called schedules. For example, if a taxpayer received dividends that totaled more than $1,500, he or she will need to fill out Schedule B, which is the section for reporting interest and ordinary dividends. There are several variations of the 1040 depending on your individual tax situation. For example, taxpayers that possess very simple taxation circumstances can fill out the Form 1040EZ, which is a less comprehensive form.
The 183-day rule is part of the "substantial presence test" used by the Internal Revenue Service to determine if a person, who is a dual taxpayer, will have to pay taxes in the United States. It is commonly used by aliens to establish residency in the United States. The determining factor is whether the number of days on which the person was present in the United States exceeds 183 days. The United States has tax treaties with other countries that contain a provision for resolution of conflicting claims of residence. The Internal Revenue Code section that contains the definition of the "substantial presence test" and the relevant multiplier is 26 IRC 7701(b)(3)(A)(ii).
A term used in finance that refers to a splitting of something into two separate pieces. Generally, this term is used to refer to the splitting of a security into two separate pieces for the purpose of complex taxation advantages. However, it is also used to describe two divergent conditions when analyzing or evaluating market situations.
The sale of a good or service to a charitable organization for less than the fair market value of the good or service received.Bargain sales are often used by donors who wish to make a charitable donation to an organization in a form other than cash. In some cases, the property transferred is exchanged for other similar property of lesser value, and the difference is considered a gift. If the property being sold has appreciated in value, the cost basis must be divided proportionately between the portion of the property that is actually sold and the remainder that is donated. The gain on the portion of the property that is sold must then be reported as income. The donation portion is written off, within the limits of charitable contributions for appreciated property.
Many banks charge nominal fees for various services, such as requesting a deposit slip or counter check or notarizing a document. Bank fees generally constitute a major portion of revenue for the bank, particularly for regional and local branches. Bank fees are usually nondeductible, except for annual custodial fees charged by the bank for IRA accounts. Even checks that are used for tax records are nondeductible, unless the checks are written from a money market account with limited check-writing privileges, and violation of this privilege results in forfeiture of the account's money market status.
Any person in charge of organizing and collecting contributions to political parties or funds gathered for political reasons. These contributions may be legitimate or illegitimate.
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