5 Tax Tips for Single Moms

The IRS Form 1040A is one of three forms you can use to file your federal income tax return. Form 1040A is a shorter version of the more detailed Form 1040, but is more complex than the simple 1040EZ form. All taxpayers can use Form 1040; however, to use Form 1040A you must satisfy a number of requirements, such as having taxable income of $100,000 or less and claiming the standard deduction rather than itemizing.

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What Are Itemized Tax Deductions?

When searching for ways to reduce your taxable income, itemizing your deductions can really maximize your tax savings. The benefit of itemizing is that it allows you to claim a larger deduction that the standard deduction. However, it requires you to complete a Schedule A attachment to your return and to maintain records of all your expenses.

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Form-1040A

What Is the IRS 1040A Form?

The IRS Form 1040A is one of three forms you can use to file your federal income tax return. Form 1040A is a shorter version of the more detailed Form 1040, but is more complex than the simple 1040EZ form. All taxpayers can use Form 1040; however, to use Form 1040A you must satisfy a number of requirements, such as having taxable income of $100,000 or less and claiming the standard deduction rather than itemizing.

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Self-Employment Tax Deductions Under the New Tax Law

The new Tax Cuts and Jobs Act, which went into effect on Jan. 1, has sent an unambiguous message that the current GOP-dominated Congress and Presidential Administration are decidedly pro-business. Fortunately, they included provisions in the new legislation that enhance tax advantages for many self-employed sole proprietors. The following offers an overview of both new and old tax deductions that benefit self-employed workers.

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Tax Deductions You Should Take In 2018

10 Tax Deductions You Should Take In 2018

Tax season is upon us again and we should take time to gather our thoughts to prepare for this yearly ordeal. 2018 included alot of tax law changes. Income tax preparation can be a daunting task and attempting to navigate the current tax code can be difficult but the staff at All About Tax LLC. has taken the time to list the top 10 deduction that are often overlooked.

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