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Title: Taxes Made Easy!
Specific Purpose: To inform my audience about how to use the 1040EZ tax form.
Central Idea: Today, I hope to make tax season easier for you by demonstrating to you how easy it is to fill out and file the 1040EZ income tax form, if you qualify.
Stanton Delaplane once joked about the IRS, saying he heard it had suggested a simplified tax form with only one question: How much money did you make last year? The IRS response was, "Mail it in"." Thank goodness, our taxes haven't gotten quite that bad. It is true though, that the majority of Americans, most of us included, have to bite the bullet every April and toil to find out if we owe Uncle Sam. Lucky for us, the IRS is actually trying to simplify some of the income tax forms, and I am here to demonstrate how to figure out if you qualify for the IRS 1040EZ form, and how to fill it out.
I.The IRS 1040EZ form is a simple two-page tax return that many Americans qualify for. A.In order to qualify to be able to file Form 1040EZ, a person must meet ALL of the following requirements: 1.Your filing status must be single, or married jointly filing. 2.You don't claim any dependents.
3.You don't claim any deductions.
4.You, and your spouse are younger than 65.
5.You taxable income is less than $100,000.00.
6.You have only wages, salaries, tips, unemployment compensation, taxable scholarships, and fellowship grants, and your taxable interest is less than $1500. 7.You don't claim an education credit, retirement savings contribution, or health insurance credits. 8.You didn't receive any advance earned income credit payments. 9.You don't owe any household employment taxes. (Form 1040EZ-Tax tips and description) B.
Basically, the 1040EZ tax form can only be used by individuals that are first time wage earners, students, or someone that has no deductions, no interest, and no dependents.
(Transition: You now know exactly who can, and can't, file the 1040EZ tax form, so let's look at how to fill out and file the form.)
II.The IRS 1040EZ form is easy to fill out.
A.Before you can start filling out the form, you will need the W-2 your employer sent you, as well as the forms from your bank accounts that show interest earned. B.Now, for filling out your 1040EZ form, first you need to either attach the preprinted label that accompanied your 1040EZ, or print your name, address, phone number, your social security number, and the social security number of your spouse. 1.Your social security number is a MUST, the IRS will not process your return without them. C.The next step is to check either yes or no as to whether you wish to donate $3 for the Presidential Election Campaign; this is entirely up to you and in no way changes your tax return. D.Now, it is time to start filling out the form starting with #1. 1.For most people, the number you enter on line 1 will come from box 1 on the W-2 you received from your employer. (If you, and your spouse, had more than one job, then add up the box 1 amounts and put that total onto line 1). a.Don't forget to attach copy B of your W-2 to your return before you mail it in. 2.On line 2 of the 1040EZ, you will enter all the interest you earned during the year, as long as it is under $1,500.00. a.Your interest earnings are generally listed on 1099-INT form sent by banks, savings & loans, and other institutions (bankrate). 3.On line 3, you put money you may have earned from two other common sources of income: unemployment compensation, and Alaska Permanent Fund dividends. 4.Now, to figure your adjusted gross income, which is...