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3 years ago

Why might you complete a 1040 instead of a 1040ez? everfi?

2 answers:

6 0

In general, if you have more types of deductions on your tax, the 1040 forms maybe more appropriate for you because it provide you with various options to claim deductions or credit.
The 1040Ez on the other hand only offer a simple format that only beneficial for taxpayers who made certain conditions.

Dmitry_Shevchenko [17]3 years ago

5 0

Self-employed individual cannot file federal tax using 1040EZ. They have to use form 1040.

Further Explanation:

Form 1040EZ:

This form is filled by the individuals in order to file their federal tax return. It is used when the individual does not plan to claim any deduction and credits. It is the easiest form out of the three forms (1040, 1040A and 20140EZ). Form 1040EZ will allow help you in taking the standard deduction but it will not help in taking the deduction item wise.

Form 1040:

This form is filled by the individuals that have high level of earnings and complex forms of income. This form is filled to claim the deduction and credits. It is the most complex form out of the three forms.

Difference between form 1040 and 1040EZ:

Following are the difference between form 1040 and 1040EZ:

1040EZ is used when the taxable income is less than $100,000 and 1040 is used when the taxable income is more than $100,000.
1040 is used to claim the deductions and credits. 1040EZ cannot be used to claim the deductions and credits.
Self-employed individual cannot file federal tax using 1040EZ. They have to use form 1040.
1040 is used to file the income earned from the sale of the property. 1040EZ cannot be used for that purpose.

Learn more:

1. Learn more about the capital gain tax

brainly.com/question/2617534

2. Learn more about the state income tax

brainly.com/question/2996312

3. Learn more about the personal tax

brainly.com/question/1762937

Answer details:

Grade: Senior School

Subject: Taxation

Chapter: Income Tax

Keywords:Complete, 1040, instead, 1040EZ, income tax, personal tax, filling the return.s

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katen-ka-za [31]

Answer:

The Federal Reserve System

Explanation:

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3 years ago

Journalize the following transactions in the accounts of Sedona Interiors Company, a Restaurant Supply Company that uses the all

svp [43]

Answer:

Accounts Receivables 19900 debit

Sales Revenues 19900 credit

--to record sale--

COGS 14300 debit

Inventory 14300 credit

--to record COGS of the previous sale--

Cash 4,200 debit

Accounts Receivables 4,200 credit

--to record colelction from Beijing Palace Co--

Allowance for doubtful accounts 15,700 debit

Accounts Receivables 15,700 credit

--to record the write-off using allowance method--

Accounts Receivables 15,700 debit

Allowance for doubtful accounts 15,700 credit

--to record reversal when payment is received--

Cash 15,700 debit

Accounts receivables 15,700 credit

--to record collection from Beijing Palace Co--

Explanation:

We write-off the blaance of the account

19,900 - 4,200 = 15,700

Then, we have to reverse the entry to nulify it. Then we record the colelction like any other.

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emmasim [6.3K]

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2 years ago