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?