The 2012 tax season is here with us again and by April 17, 2012, taxpayers seeking to beat the first deadline of tax returns will need to have filed their return. The extension from the traditional 15th date was made as April 15th is a Sunday and Monday the 16th is a holiday in Washington D.C. 2012 being a leap year also means that taxpayers have yet another extra day this year (February 29th) to prepare their taxes. As usual, those who file for an extension will have until October 15th to file returns.
IRS Not Sending Forms this Year
As most taxpayers have shifted to the e-filing option filing returns with 76% of the filers in 2011 having opted to go for electronic filing, the IRS has chosen to discontinue the mailing of tax return forms to taxpayers. Therefore, do not expect to get any more tax return forms in your mail box. The forms are however, available for those who still choose to file paper return. You may either download the tax return form from the IRS website or call the IRS toll free number to request the form.
Different Tax Return Forms
Taxpayers have 3 tax return form options to use if they chose to go the paper filing way. They can either file their returns on a Form 1040, 1040A, or 1040EZ. The form you use depends on your income, your filing status, and whether or not you want to claim any deductions.
- Form 1040 – All taxpayers who make an annual income of more than $100,000 must use the Form 1040 when filing manual returns. Others who are required to file using Form 1040 include those who itemize their deductions as opposed to claiming the standard deduction. If you sold a property and made a capital gain, you are also required to file Form 1040. Finally, those who made income through self employment will also need to file using this form.
- Form 1040A – This form of filing tax returns is simpler and has less entries to make. A taxpayer whose income is below $100,000, who receives some dividend distributions and who has over-the-line adjustments such as a student loan interest deduction or an IRA contribution income can use this much simplified form for his or her returns.
- Form 1040EZ – The Form 1040EZ is the simplest tax return form and can be used by taxpayers who have an income of $100,000 and below and who have no dependents that they are claiming. The form is only available to those who have a filing status of single or married filing jointly. Furthermore, the amount of interest income that you got in the year of filing should not have exceeded $1,500 when using this form.