Personal Taxes (Form 1040) -30 min (Initial advice)

Form 1040 is the standard form that individual taxpayers in the United States use to file their personal tax return with the Internal Revenue Service (IRS). Here is a summary of the main aspects of Form 1040:

1. **Personal Information:** Start by providing basic information about yourself, such as your name, address, and Social Security number, as well as your spouse's information if you file a joint return.

2. **Marital status:** You must indicate your marital status at the end of the fiscal year, whether single, married, head of household, etc.

3. **Income:** Form 1040 asks you to report all your income during the tax year, including wages, interest, dividends, rental income, capital gains, self-employment income, social security payments, and others income.

4. **Deductions:** You can claim income-adjusted deductions ("above-the-line" deductions) such as contributions to retirement savings accounts, mortgage interest, and certain educational expenses. You can also choose to take the standard deduction or itemize your itemized deductions.

5. **Credits:** You can claim tax credits for which you are eligible, such as the Earned Income Tax Credit (EITC), the Child Tax Credit, the Retirement Savings Credit, among others.

6. **Taxes Paid:** You must report taxes withheld from your income, as well as any estimated tax payments you made during the tax year.

7. **Refunds or additional taxes due:** The form will automatically calculate if you are due a tax refund or if you owe additional taxes after subtracting your tax credits and payments.

8. **Signature and date:** Finally, you must sign and date your statement to certify that the information provided is accurate and complete.