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All About Tax Return Filing

Paying tax is obligatory for every individual who earns a certain amount of income. In other words, if the annual income amount of a person increases the maximum tax exemption amount, an individual is liable for paying tax.

If you are also planning to file the sales tax return, you may find this information helpful. The US Internal Revenue Service has made the process of filing tax return easy, safe and fast by introducing the e-filing system. This system not only eliminates the need of a tax preparer but saves a lot of time.

E-filing is available 24/7, no hassles of long lines. The form 1040 is widely known in the US; it is used to file Individual Income Tax Return with Internal Revenue Board. You can even choose the smaller form 1040A or even easier form 1040EZ in case your situation is very upfront.

Other types of income taxes are Income tax return for Estates and Trusts, Return of partnership income, of the US Corporation, of an S-corporation and information return commonly known as Form W-2.

Before filing tax return, most of the people want to find out where they stand, how much money they owe and how much they might get in return.

A simple rule is that if you have taken more exemptions during the year, then you have to pay accordingly at the end of the year and if you haven't taken enough exemptions during the year you never end up paying more.