
Doing Your TaxesMention the word taxes and many people start sweating . . . The maze of tax forms you must wade through can seem overwhelming, and following the rules can seem impossible. But take heart: The Internal Revenue Service (IRS) has worked hard in recent years to try to simplify the process for most taxpayers. Not only that, but there are many organizations that offer free help. Filing incorrectly may bring heavy penalties, so it's important to take advantage of all the help you can get. You may want to hire a professional tax preparer if you can afford it. Using a professional can result in thousands of dollars in tax savings and the reassurance that your return should be filed correctly. Generally, the IRS requires that you file a tax return by April 15 of each year unless you request an extension in writing.
Everyone must file the basic tax form 1040 (or 1040EZ or 1040A). You must include additional forms depending on the type and amount of income earned and deductions taken. Read the list below for a general overview of the forms you may need.
The following is a list of the schedules most commonly used with the 1040:
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