Personal Finance 101 – Income Taxes Made Easy … Well, Easier
By: Brittany Mollica As a young professional, you may think you’re too busy to learn how your tax return works. Whether you’re new to adulting and filing on your own for the first time or you’ve been filing for a few years and want to actually understand it this time, you don’t need to be intimidated by the 1040. In this post we will give you an overview of Form 1040, explaining the different sections of the form while also giving you some tips so that filing your taxes can be as smooth and painless as possible. Note that all guidelines and numbers included in this article are based on 2018 rules. Section 1: This should be the easiest part – listing your personal information. In this section, you identify yourself, your spouse (if married) and your dependents (if you have any) as well as select your filing status: Single - Fairly self-explanatory. Your household is just you – no spouse or dependents. Married Filing Jointly - This filing status combines ...