Where Form 2350 Guides 2023-2024

Hi, this is Frank with nationaltaxreports.com. Today, we're going to be talking about the 2017 IRS 1040EZ tax return. The 1040EZ is the quickest and easiest form to use. It's typically used by younger adults with no itemized deductions or dependents. The 1040A form is a little more involved than the 1040EZ form, and it is also known as the long form. If you're unsure about which form to use, TurboTax will guide you in the right direction. If you do qualify to use the 1040EZ form, it is much easier and can be completed quickly. However, if you have a lot of deductions, using the EZ form could cost you some money as you won't be able to claim all the deductions and tax credits available. For example, filing a 1040EZ does not allow those with student loans to deduct student loan interest. Similarly, if you have an individual retirement account (IRA), the EZ form does not provide a place for you to reduce your taxable income by claiming the IRA. By exploring the available deductions and tax credits on forms other than the 1040EZ, you may be able to reduce your overall taxable income and potentially move into a lower tax bracket. For instance, an $8,000 deduction on a $40,000 salary would reduce your taxable income to $32,000, potentially lowering your tax bracket from 25% to 15%. Other advantages not allowed on the 1040EZ include credits for education. The Lifetime Learning credit is available to those who are not reimbursed by employers to improve their job skills. This credit allows you to deduct a dollar for dollar of what you would owe the IRS. If you would like to learn more about the 1040EZ form, we have links provided. It is a great form to use if you don't have many deductions, especially...