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Learn about the various forms and schedules used by the IRS for taxpayers and tax-exempt organizations to report financial information and calculate taxes. Find out the history, purpose, and features of Form 1040, the only form used for personal federal income tax returns since 2018.
Form 1040 is the main tax form filed by U.S. residents for personal federal income tax returns. It calculates the taxable income and determines the refund or payment due. Learn about the filing requirements, modalities, and history of Form 1040.
SEP-IRA is a retirement account that allows employers to contribute up to 25% of employees' wages or 20% of net profit for self-employed persons. Learn about the eligibility, taxation, contribution limits and withdrawal rules of SEP-IRA.
For the fiscal year 2009, about one out of every 100 taxpayers were chosen for an audit. In terms of numbers, 1.4 million taxpayers were selected for either a correspondence or a personal audit.
Learn about the tax benefits of itemizing deductions in the United States, such as medical expenses, state and local taxes, mortgage interest, and charitable contributions. Compare itemizing with the standard deduction and see the eligibility and substantiation requirements.
Customer Account Data Engine (CADE) is the name of two Internal Revenue Service (IRS) tax processing systems, used for filing United States income tax returns.Work on the original CADE, designed to replace the Individual Master File (IMF) system, was begun in 2000 and stopped in 2009.
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