Chapter 7
Form 1040 Filing Options
IN THIS CHAPTER
Understanding the improved and simpler Form 1040
Making sense of income lines and strategies to reduce your taxable income
Understanding the impact of the new tax bill in 2018 and beyond
Using deductions and credits to your best advantage
Face it: Completing tax forms ranks right up there with visiting the department of motor vehicles or the dentist among activities you’d least like to spend your free time on. But taxes gobble lots of your money. So it pays to know how to legally minimize your tax bill and make the best use of the various tax forms and schedules. Legally reducing your taxes and keeping and saving more of your money can actually be, dare I say, fun!
In this chapter, I cover the common Form 1040s at your disposal and go into detail about how to complete the lines on common income reporting, deductions, and tax credits.
The New and Improved Form 1040
Prior to the 2017 tax reform bill’s passage, you had a few choices of tax forms — three, to be exact. In order, from mind-challenging (read: simplest in IRS jargon) ...
Get Small Business Taxes For Dummies, 2nd Edition now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
