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  • Yearly federal income tax returns, supervised and enforced by the Internal Revenue Service, are an important method for funding the expenses of the national government. Form 1040, 1040A, and 1040EZ are used by different groups of taxpayers to file federal tax returns.

    Form 1040, 1040A and 1040EZ

    1040EZ can be used by those filing simple returns without itemizing deductions. 1040A is similar except that you may adjust your gross income as well. Form 1040 is used by those who do not qualify to use the simpler forms.

    Tax Return Sections

    The tax forms include a personal information section, an income declaration section, a section for tax calculation, a section for declaring tax withholding, and a section for determining how much money you must pay, if any. 1040 and 1040A also have sections for adjusting your gross income.

    Filing Methods

    Filing can be by mail or electronically. Not everyone can file electronically, and it sometimes costs users a fee. However, this type of filing can help speed the tax return process.

    Due Date

    April 15 is the national tax return filing date. You may also use Form 4868 to request an additional six months to file your return.

    Late Penalties

    Even if you request an extension, you will be charged interest and a small late payment penalty. If you do not file for an extension and don't send in your return by April 15, a much larger penalty will be added to your tax obligation.

    Source:

    Internal Revenue Service: Form 1040

    1040.com: Tax Return Information

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