Tax Planning for Form 1040

If you are an individual taxpayer who completes federal income tax Form 1040, you should be aware of a number of tax-planning opportunities that could lower your tax bill. Topics you should review include your selection of a filing status, the tax calculation rules, available deductions and exemptions (personal exemptions have been suspended for 2018 to 2025), available tax credits, year-end tax planning techniques, and year-end investment decisions. In addition, you should become familiar with the rules surrounding tax refunds, taxes owed, options when you can't pay your tax bill immediately, and IRS audits.

  • What should you know about selecting a filing status?

  • What should you know about tax calculation?

  • What should you know about deductions and exemptions?

  • What should you know about tax credits?

  • What should you know about year-end tax planning and year-end investment decisions?

  • What should you know about IRS issues, including refunds, taxes owed, options when you can't pay your tax bill, and audits?

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