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April 15th is Tax Day

April 7th, 2013

April 15, that dreaded date when federal taxes are due, is almost here. But fear not — filing your taxes can be a pain, but there are ways to make it easier.

The key to doing your taxes is to stay organized.  Start each year with a new folder for all your tax forms. As you receive statements each month, make sure they go straight into that folder.

Next, you should know what IRS form you need to complete. There are three choices: 1040EZ, 1040A, and 1040.

  • 1040EZ: Yes, even the IRS has a sense of humor, sort of, and this is the “easiest” form to fill out.  No dependents and under the age of 65?  Income less than $50,000?  If you’re young, just out of college, and you no children, this is probably the form you should be using.
  • 1040A: Don’t qualify for the 1040EZ?  The 1040A isn’t quite as simple, but it’s still shorter than the long form.  If your total income is less than $100,000 this will be the form you need to complete.
  • 1040:  Anyone can use this form, but it will take you more time to fill out. The upside is that the 1040 allows you to itemize deductions, which could ultimately save you money if you’re willing to put in the effort to complete the form.

If you aren’t sure which form is appropriate for you, use the 1040EZ.

Keep in mind, the earlier the IRS receives your taxes, the earlier you will receive your tax refund.  Once you have your refund, it is up to you how to spend it.

More information is available at The First National Bank and Trust Company of Newtown or by calling (215) 860-9100.