f a r - bLog

It is that wonderful time of year again " no, not Christmas, but rather tax time. Before you go and spend money on tax programs or a professional, think Form 1040A.

There is no doubt that tax time causes undo stress for millions of Americans. Resulting in avoidance, last minute filing or not filling at all. While no one really likes to do their taxes, it can be relatively simple by using the 1040A. It will take you a couple hours to complete but the return can be worthwhile.

Now, you may think that you dont make enough money, so why bother filing. Or, the IRS only watches for high income earners, so theyll never know if I don't file. Guess what, they will ~ filing your taxes has two benefits 1) There is a good chance youll receive a refund " why would you not claim YOUR MONEY? 2) If it turns out you owe money, chances are it is not very much. Better to pay now than get interest charged- as it really does add up.

So, what is the easiest way to complete your taxes? Well there are good online tax programs; however, you can do it for free by downloading the forms listed at the bottom of this article.

For the typical person, a nice simple form was created called the 1040A. It is much easier to complete then the 1040EZ and allows you to claim a few more deductions. This short form is two pages that covers usual types of income, deductions and credits. Are you eligible to use this form? Read below and chances are youll see that you are. A handy list of links has been included at the bottom of this article so you can grab the forms and get started right away.

You are eligible to complete the 1040A if:

Your taxable income is less than $100,000 (subtract your total deduction from your total income).

You did not exercise incentive stock options.

Your income comes from:

Capital gains,

Grants and/or scholarships,

Interest and dividends,

Pensions, annuities, IRA distributions,

Social Security benefits,

Unemployment,

Employment Wages

Deductions are standard:

Classroom expenses

Student loan interest

Tuition and fees

Claiming the standard tax credits which are:

Retirement savings contributions

Elderly and disabled credit

Child and dependent care expenses

Earned income credit

Child tax credit

Additional child tax credit

Lifetime Learning and Hope education credits

Are you ready to complete your 1040A? If so, you may need to complete a couple of the schedules. Click on the following links to download the forms:

2008 Form 1040A Instructions (http://www.irs.gov/pub/irs-pdf/f1040a.pdf)

1040A Form (http://www.irs.gov/pub/irs-pdf/f1040a.pdf)

Schedule 1 - Interest and Ordinary Dividends (http://www.irs.gov/pub/irs-pdf/f1040as1.pdf)

Schedule 2 " Child and Dependent Care Expenses (http://www.irs.gov/pub/irs-pdf/f1040as2.pdf)

Instructions for Schedule 2 " (http://www.irs.gov/pub/irs-pdf/i1040as2.pdf)

Schedule 3 " Credit for Elderly and the Disabled (http://www.irs.gov/pub/irs-pdf/f1040as3.pdf)

Instructions for Schedule 3 (http://www.irs.gov/pub/irs-pdf/i1040as3.pdf)