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Tax Form 1040 EssentialsFeb 6 2008 Preparing Tax Form 1040Everyone 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.
Quick Links to IRS Tax Forms and Instructions
What's New for 2007For 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:
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