Individual Taxation

Individual TaxationTax Planning and Preparation for Individuals

Form 1040 (officially, the “U.S. Individual Income Tax Return”) is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government.

Income tax returns for individual calendar year taxpayers are due by Tax Day, which is usually April 15 of the next year, except when April 15 falls on a Saturday, Sunday, or a legal holiday. In those circumstances, the returns are due on the next business day. An automatic extension until October 15 to file Form 1040 can be obtained by filing Form 4868.

Who must file?

Form 1040 (or a variant thereof) is the main tax form filed by individuals who are deemed residents of the United States for tax purposes.

Resident aliens of the United States for tax purposes must generally file if their income crosses a threshold where their taxable income is likely to be positive, but there are many other cases where it may be legally desirable to file. For instance, even if not required, individuals can file a return in order to receive a refund on withheld income or to receive certain credits.

Individuals choosing the 1040A can file using any of the five available filing status options: single, married filing jointly or separately, qualifying widow or widower, or head of household.

Self-Employment Tax

Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. Your payments of SE tax contribute to your coverage under the social security system. Social security coverage provides you with retirement benefits, disability benefits, survivor benefits, and hospital insurance (Medicare) benefits.

Generally, you must pay SE tax and file Schedule SE (Form 1040 or 1040-SR) if either of the following applies.

  • If your net earnings from self-employment were $400 or more.
  • If you work for a church or a qualified church-controlled organization (other than as a minister or member of a religious order) that elected an exemption from social security and Medicare taxes, you are subject to SE tax if you receive $108.28 or more in wages from the church or organization.

Variants

For filing the regular tax return, in addition to the standard Form 1040, there are currently three variants: the 1040-NR 1040-SR, and 1040-X.

Form 1040-NR is used by taxpayers who are considered “non-resident aliens” for tax purposes.

Form 1040-SR is used by taxpayers who are 65 or older. Its creation was mandated by the Bipartisan Budget Act of 2018, and it was first used for filing taxes for the 2019 tax year. Seniors may continue to use the standard 1040 for tax filing if they prefer.[22]

Form 1040-X (officially, the “Amended U.S. Individual Tax Return”) is used to make corrections on Form 1040, Form 1040A, and Form 1040EZ tax returns that have been previously filed (note: forms 1040-A and 1040-EZ were discontinued starting with tax year 2018, but a 1040X may still be filed amending one of these tax forms filed for previous years).

I can prepare federal and state income tax returns alongside the following services:Tax preparation and Tax Filing
  • Tax Planning
  • Estate and Inheritance Planning
  • Retirement Plans
  • Multi State Tax Issues
  • Investment Gains and Losses
  • Rental Properties and Schedule E income and losses
  • Estimated Tax Payments
  • Non-Resident Aliens- 1040NR
  • Amended Returns
  • Out of State Returns
  • File deadline extensions
  • General tax issues, concerns, IRS notices and resolutions
I ensure that your return is reviewed, compliant and gets filed before the IRS deadline.