From William Perez,
Your Guide to Tax Planning: U.S..
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Feb 6 2008

Everyone can use the Form 1040 to report their income, to claim various deductions and credits, and to calculate their tax. However, some individuals may benefit be able to use the shorter Form 1040-EZ or Form 1040A, which can help reduce the amount of time you spend preparing your tax return.

• Tips for Form 1040EZ
• Tips for Form 1040A

Quick Links to IRS Tax Forms and Instructions

• Form 1040 (PDF)
• Instructions for Form 1040 (PDF) includes the tax tables

Need more forms and schedules? Here's a whole page of links to the more common tax forms and schedules.

What's New for 2007

For many people, preparing Form 1040 for tax year 2007 will be similar to last year's tax return. However, there are several important changes in the tax law affecting many in America. Here's some highlights.

Individuals must have records to document their charitable donations. Also, donated property must be in good or better condition.

You may be able to deduct mortgage insurance premiums paid during the year. Previously, such insurance payments were not tax-deductible. This deduction is scheduled to expire at the end of 2010.

This is the last year to claim the following tax breaks:

• Classroom expenses deduction
• Tuition and fees deduction
• Deduction for mortgage insurance premiums
• Excluding charitable IRA distributions from income
• Itemized deduction for sales taxes
• Nonbusiness energy tax credit
• First-time homebuyer credit (District of Columbia)
• Election to include non-combat pay for the purposes of calculating the Earned Income Credit.