Louisiana, Missouri, Dec. 06, 2022 (GLOBE NEWSWIRE) -- ThePayStubs is a national accounting firm based in California, United States, who have created a variety of paystub solutions with the help of their team of experienced accountants.
Their paystub generator tool is designed to help their clients who own small businesses generate check stubs for their employees without having to purchase additional expensive and complicated software.
They have now launched their form 1040 generator, a simple tool that can generate the 1040 form (which is an IRS tax form filed by taxpayers classified as individuals in the United States) at the touch of a button while eliminating any errors and saving time.
Form 1040
This IRS tax form, also known as U.S. Individual Tax Return, is required to be filled out by anyone who meets the definition of an individual in the eyes of the IRS.
There are very few exceptions to the requirement to file a tax return, but if you are claimed as a dependent on someone else’s tax return or receive any Social Security benefits and receive no other income, then you do not have to file a tax return.
The paystub generator online at ThePayStubs has a range of diverse templates that you can choose from to assist you in filing your official documents, including an easy-to-use Form 1040 template.
When filling out Form 1040, you may need to submit supplemental IRS tax forms; however, these depend on your individual tax situation but can consist of your Additional Income and Adjustments to Income, Itemized Deductions, Additional Taxes, and Supplemental Income and Loss.
You will need to have access to your tax documents that support your earned income and that provide validity to any deductions or credits you are claiming before you begin to complete Form 1040, as well as:
- Your social security number
- Filing status
- Any relevant information for your spouse and any dependents you plan to claim
If you are wondering where you can get your tax documents, then if you receive employee wages paid by a business, you can ask your employer (unless they have already given them to you) to provide you with a Form W-2, which is a Wage and Tax statement that should be sent to you around the end of January before tax filing season starts.
On the other hand, if you work as an independent contractor, it is solely your responsibility to keep track of and pay self-employment taxes and income taxes on your earnings.
This information will then be completed on a Form 1099-NEC (Non-Employee Compensation), which details the businesses you received payments from throughout the previous year.
You can use the online paystub templates at ThePayStubs to easily generate paystubs to prove your income for the whole year.
Form 1040 will report all the necessary information to identify your total taxable income and federal income tax correctly.
It follows the following layout:
- The first 15 lines of the income tax return will include all the income sources and deductions used to calculate your total taxable income.
- Lines 16 to 24 will show your income tax liability and certain tax credits to arrive at your total federal income tax.
- The following section, lines 25 – 33, detail your federal income taxes that have already been paid through withholdings or estimated tax payments and refundable tax credits.
- Lines 34, 35, and 36 are for when your federal income taxes paid are greater than your total tax and how much your refund is, where to put your relevant banking details and if you would like to apply some of your refunds to the next year’s tax return.
- The final section shows if you have not paid enough in income taxes throughout the year and displays the amount you still owe on your federal income tax and the estimated tax penalty.
The deadline for filling your Form 1040 income tax return is typically on the 15th of April of the year following the tax year in question.
More information
To find out more about ThePayStubs and to learn more about their 1040 form generator, please visit their website at https://www.thepaystubs.com/.
