Tax Tip {Part 1}

Need some help with your taxes?  Well, I’m going to help you out with that.  I am going to go through the entire 1040 with you, starting with the first part of the form.

Now, obviously the first part is the easiest.  All you have to do is fill out your personal information.  Just fill in your name(s), address, social security number(s), and if you want to donate to the Presidential Election Campaign.

Next is marking your filing status.  Are you single, married filing jointly, married filing separately, head of household (with qualifying person), or qualified widow(er) with dependent child?

The final part of the first part of the form is to claim your exemptions.  Make sure you claim yourself and your spouse if filing jointly.  I mean, come on people, you do support yourself and your spouse (if married).  The only time you do not claim yourself is if you are a dependent of someone who is claiming you on your taxes (usually like a child/teenager).  You must fill in your dependents name(s) social security number(s), relationship, and if they qualify for the child tax credit.  Next, mark down how many boxes where checked (1 or 2), how many dependents you are claiming, and then add them up.  This number would be the number of exemptions you are claiming.

Here is an example of how the top portion of the form would be filled out for a married couple, filing jointly, with 2 children.

All family information in my tax tips are examples and will be for the same family all the way through the tips

That was the easy part, stay tuned for more the remaining sections.  The next tax tip on the 1040 will be income.