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Views: 93567 Description: How to fill out Form 1040 - Watch this video by a certified public accountant (http://www.evanhcpa.com) to help you understand the flow of the Form 1040 and see how to fill it out.
In the video, a CPA based in Nashville (Evan Hutcheson, CPA, LLC, 2303 21st Ave S #201 Nashville, TN 37212) shows you how to fill out form 1040, what each line of the 1040 tax form means and how each line is affected by other lines within the form.
The best way for you to file your tax return online is to go to the IRS website and find the 1040 in the free fillable forms. Filling out the form is a simple process and they do a lot of the calculations for you.
The Form 1040 is two pages. It is broken up into sections, including income, adjusted gross income, taxes and credits, etc.
Each part of the 1040 is affected in different ways by other parts, and there are many variables involved. For example, to calculate tax, you can not just simply multiply your taxable income by your tax rate. Different parts of you income are taxed at different rates.
I go into this, and much more, in greater detail in the video, so please have a look at it to find out whether or not you will be able to deduct your rental property losses on your individual tax return.
You can find the IRS Form 1040 online here:
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Username: Evan Hutcheson, CPA, LLC Added On: 2014 June 19