The 1040 Form is as easy as it gets when it comes to bureaucratic form-filling. Sure, a variety of them exists, such as the “A” and “EZ” versions built to streamline the process even further for those without any intricate financial arrangements. Thus, if you basically go to work and get paid, you can file these easy versions which are only a page or two long in spite of some sixty to seventy or so line items that might require your attention.
Everyone has to file no less than a 1040 Form, even non-resident aliens, who use the “NR” or, as can be thought, an “NR-EZ” version. Well, almost everyone. Generally, those who earn less than a certain amount don’t have to. It is widely thought that anyone making less than six thousand dollars a year does not need to report their income, but the IRS’ own website appears to indicate otherwise, though it too is not a hundred percent clear on the matter, with figures of three thousand, four hundred (in the circumstance of the self-employed), and even $108.28 (this one governing religious employees) being mentioned.
Filing, however, may be advantageous nevertheless. As an example, an Economic Stimulus Payment, or tax discount, was given to filers in the interests assisting to improve the national economy. Also, if income tax ended up being automatically withheld by one’s employer, filing guarantees its return by the government. Generally speaking, however, just about everyone has to file some version of a 1040 Form if they made money completely more than a few hundred dollars during the year.
Procrastination is harmful. Filing late may result in fines and even imprisonment. Again, these forms are pretty easy to complete anyway, so there really is no excuse for not getting them completed in timely manner! That’s the way the government will see it.
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