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FAQ

How do I prepare my own US taxes easily without using tax filing software, like TurboTax or FreeFile, and without hiring a certified tax filer?
Easily? Well, if you only have one employer, no dependents, no investments, no self employment then you could fill out a 1040ez with the form from the IRS office or downloaded from the IRS forms website.But if you have any of the above listed things that affect taxation, then the return is more complicated. You need to study the IRS tax instruction book to be sure you do not make mistakes that cost you money or you underpay taxes causing a letter from the IRS.For example, if your income is low and you have children, you are entitled to additional credits. If you have additional reportable income, you are allowed to deduct various expenses to save on taxation.If you have never done a tax return and want to do it yourself, you can if you are willing to study the IRS instructions fully. BUT, why do that when there are several ways to file free using online software?The IRS has a free website to file. Just fill in the numbers: Free File: Do Your Federal Taxes for FreeTax Act online offers one free filing, but if you need to do a state filing, there is a fee: File your taxes easy, fast and affordable.There are others too that you can get free returns as long as your income is under $64,000. Just do a search.If you are not comfortable on a computer in entering your income figures and answering sometimes confusing questions, I wouldn't recommend doing your own taxes manually either. It is easy to make mistakes that will either cost you or give you future headaches. Maybe you have a friend who has done it before that can help you?
How does taxation work for ADRs’ dividends?
There is tax due in the country of origin. Each country has its own tax rate and requirement for withholding. The amount credited to your account is ((foreign dividend - taxes), then converted to USD).At the end of the year, the 1099 from your broker will contain an amount for “Foreign Taxes Paid”. You can claim that as a tax credit on your Form 1040. If over a certain amount, you may have to fill out Form 1116 as well. In the link below, see instructions for Line 48, Foreign Tax Credit.https://www.irs.gov/pub/irs-pdf/...
How do I understand the 1040 U.S. tax form in terms of an equation instead of a ton of boxes to fill in and instructions to read?
First the 1040 is an exercise in sets:Gross Income - A collection and summation of all your income types.Adjustments - A collection of deductions the tax law allow you to deduct before reaching AGI. (AGI is used as a threshold for another set of deductions).ExemptionsDeductions - A collection of allowed deductions.Taxes - A Collection of Different collected along with Income TaxesCredits - A collection of allowed reductions in tax owed.Net Tax Owed or Refundable - Hopefully Self Explanatory.Now the formulas:[math]Gross Income - Adjustments = Adjusted Gross Income (AGI)[/math][math]AGI - Exemptions - Deductions = Taxable Income[/math][math]Tax Function (Taxable Income ) = Income Tax[/math][math]Taxes - Credits = Net Tax Owed or Refundable[/math]Please Note each set of lines is meant as a means to make collecting and summing the subsidiary information easier.It would probably be much easier to figure out if everyone wanted to pay more taxes instead of less.
Do 1099 workers have to pay estimated taxes?
Yes, you are supposed to pay estimated taxes if you expect to owe more than $1,000 in tax. This is a very rough estimate and shouldn’t be taken as fact, but $1K in tax roughly equates to $7,000 in net earnings over the course of a year (excluding any type of W-2 income from a normal job).Estimated taxes are due four times per year, payments are not exactly quarterly though. The IRS’ website has the due dates of each payment. To file, you’ll need to fill out Form 1040-ES: https://www.irs.gov/pub/irs-pdf/.... The form has instructions on how to pay.Another useful resource is this freelancer tax calculator: Freelancer Income Tax Calculator 2016.
How do you fill out a 1040EZ tax form?
The instructions are available here 1040EZ (2014)
How do you figure out if you owe the IRS on form 1040 when the instructions are the same for figuring out your refund?
You compare the amount of tax you owe (line 15) with the amount of tax you've paid (line 18).If the amount you've paid is less than the amount you owe, the difference between the two numbers is the additional tax you owe the IRS.If it is the other way around, then the difference between the two numbers is the refund you are due.
How do you fill out line 5 on a 1040EZ tax form?
I suspect the question is related to knowing whether someone can claim you as a dependent, because otherwise line 5 itself is pretty clear.General answer: if you are under 19, or a full-time student under the age of 24, your parents can probably claim you as a dependent. If you are living with someone to whom you are not married and who is providing you with more than half of your support, that person can probably claim you as a dependent. If you are married and filing jointly, your spouse needs to answer the same questions.Note that whether those individuals actually do claim you as a dependent doesn't matter, the question is whether they can. It is not a choice.
How can I fill up my own 1040 tax forms?
The 1040 Instructions will provide step-by-step instructions on how to prepare the 1040. IRS Publication 17 is also an important resource to use while preparing your 1040 return. You can prepare it online through the IRS website or through a software program. You can also prepare it by hand and mail it in, or you can see a professional tax preparer to assist you with preparing and filing your return.