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Filing taxes is something many people associate with being time-consuming, difficult, or tedious. Depending on how much property, money, and other assets you have, the process isn't necessarily short.

For people who have a low amount of income and relatively uncomplicated assets and no dependents, the 1040 EZ is a great option that helps them get their taxes done in a matter of no time. When getting taxes prepped, it's helpful to use our 1040EZ calculator and ensure there are no mistakes.

This tool can be used for the 2018 tax season, with the filing deadline on Monday, April 15, 2019. Below are a few things to keep in mind when prepping for the 1040 EZ, and what to know before attempting to file.


Why use a 1040EZ calculator?

Filing taxes can be a tricky process if you aren't sure what to look for.

Our 1040 EZ calculator walks you through each of the steps to figure out what your adjusted gross income is. This helps you determine how much you've made for the year and gives you an idea of what tax bracket you fall into.

Using a calculator makes the process easier for you, and ensures you'll make fewer mistakes. Many people miscalculate their adjusted gross income by accident.

This can cause a holdup with the IRS, resulting in a longer period of time for you to get your money back. It also means you'll have to amend your return and do your taxes all over again-something most people avoid as much as possible.

Who can file with the IRS 1040EZ?

When getting ready to file your federal tax form 1040EZ, you should understand who can qualify for this. It's dependent upon the amount of money you've made for the year, along with possible dependents.

To file the IRS 1040EZ, you must:

  • Be single or married filing jointly
  • Be a US Citizen or resident alien
  • Earn income is under $100,000
  • Be younger than 65

You don't qualify if you experience the following:

  • You have dependents
  • You own a home
  • You filed for bankruptcy

The IRS explains in detail who can and cannot use the EZ form. If you qualify for it, it's simple to handle your taxes in a quick and concise manner.

What are the most common tax filing mistakes?

When it comes to 1040EZ help and hints, it's crucial to understand where most people mess up when filing their taxes.

It's easy to get numbers mixed up, transposed, or just calculated incorrectly. When you're working on taxes, keep the following hints in mind.

  • Only work on your taxes when your alert enough, so you don't make obvious mistakes you would have normally caught

  • Use a calculator for everything you work on, and double check your sums

  • Double check all social security numbers, since this is where most people make errors

  • Ensure basics such as names, addresses, and phone numbers are correct, so the IRS can contact you if needed

When do 1099-INT and 1099-G forms apply to you?

When getting your taxes filed, it's important you gather all your forms and know exactly what is needed. This makes the filing process go faster while giving you an idea of how much you'll get back (or if you owe).

With the 1040 EZ, you should check and find out if a 1099-INT or a 1099-G was mailed to your home for the previous year.

The 1099-INT is related to interest. You'll generally get this if you have a savings account, CDs, or other money that earns you interest.

If you received unemployment during the previous year, you'll get a 1099-G. Some people choose to have taxes taken out of their unemployment when they initially file, while others opt to get the full amount on their checks, and pay come tax time.

You can choose either option, as long as you're aware that you'll owe money if you elect to have no taxes taken out of your checks. If you find out you owe money and don't have enough to pay them back, consider ways to improve your financial situation and make life easier.

What is the earned income credit?

The earned income credit offers people who fall into a lower tax bracket the chance to keep some of their hard-earned money. By allowing them more back on their returns, folks are more likely to spend and otherwise offer a boost to their local economy.

You can get the earned income credit and still file the 1040 EZ. Here are a few things to know about this credit:

  • There are limitations based on your income; for folks with no children, they cannot have an AGI over $15,270 if single or $20,950 if married as of 2019
  • Investment income cannot exceed $3,500 for the 2019 tax year

If you don't get the earned income credit, don't despair. You can still take other tax breaks and enjoy the possibility of getting money back on your tax return.

Should I file online or by mail?

You have options when it comes to filing your taxes. When you're trying to figure out where to send 1040EZ, consider if you feel comfortable transmitting online, or if you'd rather mail it.

Many people file their 1040 EZ through a tax program online. Some people still prefer to do everything by hand and mail it in.

There's no right or wrong way of doing things, and you can choose whatever option you like best. If you're going the old-fashioned route of pen and paper, make sure to double-check your numbers.

Use a calculator and ensure that everything matches up correctly. You can do this even if you took advantage of a computer program to help you file.

It's easy to miscalculate numbers, even when working on a computer. It's better to be safe than sorry and catch an error early on before it becomes a problem.

If you paper file, you'll have the chance to review your taxes one final time. Filing online means fast delivery and you won't worry about the postal service handling the delivery.

How will I get my tax refund?

You will need to decide if you want a paper check or if you'd rather have everything delivered to your bank account. Some people find it easier to have their money go into their savings account or another predesignated area, as a way to save money.

Others believe the old-fashioned method of depositing a check is best and means there's less of a chance for someone to mess up their refund. Figure out what works best for your needs and choose the option that works for you and your financial needs.

When Getting Direct Deposit, Check This First

Many people opt for a direct deposit because it's easy, and they don't have to worry about a lost check or someone stealing it from their mailbox. If direct deposit appeals to you, go ahead and take it, but remain aware of a few factors.

Make sure you double check the numbers on your account. Many people miss out on their direct deposit or experience a delay because they typed the numbers incorrectly.

Check at least twice and read out loud to make sure you've put in the correct numbers.

Some people believe the IRS is prone to issues with the refund when its split between more than two accounts. Although the IRS can split up to three accounts, play it safe and consider only having the refund go to two at the most.

Once your refund arrives, you can move money around and transfer it wherever you see fit.

Make sure your name matches the bank account. If it doesn't, the IRS catches on and stops the refund.

Since you don't want extra delays in getting your money, it's important to double check that important details like your name and the name of the bank the refund is going to are correct before getting sent over.

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