Hello, this is Sarah. This is another episode of "How to Do Your Own Taxes." Thanks for joining us today. We're going to talk about the main form every individual has to file when they do their taxes every year, and that form is called the 1040 form. 1040 form can be found on the irs.gov website. Other places you can find it include calling the IRS 800 number and visiting the local post office or tax office. If you have a computer, the easiest thing to do is to look at the IRS gov website and search for the specific tax forms you need to fill out. Once you find the 1040 form, you can fill it out with your name, address, social security number, filing status, exemptions, and income. Income includes any money you receive from various sources, such as W-2 forms or 1099 forms. Make sure to report all income accurately to avoid any potential audits from the IRS. Additionally, you may need to attach Schedule B for taxable interest if required, but only if you made at least $1,500 in taxable interest. If you had a house or rental property, include that information on the form. Otherwise, you can put any other income under the "Other Income" section. Once you have calculated your total income, you will move on to calculating your adjusted gross income (AGI). AGI includes deductions that you can take, which are known as above the line deductions. These deductions will be subtracted from your total income to determine your AGI. The next part of the form is "Tax and Credits." Here, you will calculate how much taxes you owe and if you qualify for any credits. One option is to itemize deductions using Schedule A. However, if your deductions amount to less...
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Video instructions and help with filling out and completing Form 2350 Obtain
