Tax season is here again and the 2017 Federal Income Tax Tables 1040ez can seem like a daunting task. With complex rules, hard to understand language, and the potential for costly missteps, it can put anyone on edge. But if you approach it with the right knowledge, the 1040ez can be navigated with relative ease.
The 1040ez is the most basic form of the 1040 series and is used by individuals who have relatively simple tax returns. It’s the form most commonly used by taxpayers who are single, married filing jointly, or head of household. The 2017 Federal Income Tax Tables 1040ez is broken down into four sections: filing status, income, deductions, and credits. By understanding each of these sections, taxpayers can use the 1040ez to maximize their deductions and minimize their tax liability.
The first step to using the 1040ez is to determine your filing status. This will dictate how much of your income is taxable and what tax rate will be applied. Your filing status is determined by whether you are single, married filing a joint return, married filing separately, or head of household. Once you have selected your filing status, you can then move to the income section.
In the income section, you will need to enter all sources of income including wages, tips, unemployment compensation, and any other taxable income. The 1040ez also allows for certain deductions such as IRA contributions and student loan interest. Once all of the income is entered, the next step is to calculate deductions and credits.
Deductions reduce the amount of your taxable income, while credits reduce the amount of tax you owe. The 1040ez allows for certain deductions such as student loan interest and certain medical expenses. Additionally, there are several credits available such as the child tax credit, earned income credit, and education credits.
Finally, after all of your income and deductions have been calculated, you can move to the last section of the 1040ez, where you will calculate the amount of tax you owe. The 1040ez includes a table of tax rates and brackets that will be used to determine your tax liability. Once all of the information has been entered and the tax liability has been calculated, you can file your return and wait for a refund or payment of taxes due.
By understanding the four sections of the 1040ez, taxpayers can navigate their tax return with ease and maximize their deductions and credits. With the right knowledge, the 2017 Federal Income Tax Tables 1040ez can be used to minimize the amount of tax owed, resulting in more money in your pocket.
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