Tax 101

What qualifies as a "simple return"?

Single 1040 only

Single or Joint 1040 w/o extra schedules

Joint 1040 only

What is a 1040 form?

U.S. Tax Return for Seniors

Wage and Tax Statement

Miscellaneous Income

U.S. Individual Income Tax Return

What is a W-2 form?

Withholding Certificate for Pension or Annuity Payments

Employee's Withholding Certificate

Wage and Tax Statement

U.S. Individual Income Tax Return

What is a W-4 form?

Withholding Certificate for Pension or Annuity Payments

Employee's Withholding Certificate

Certain Government Payments

Interest Income

What is a 1099-MISC form?

Certain Government Payments

Interest Income

Miscellaneous Income

Dividends and Distributions

What is a schedule A form?

An income schedule that requires you to separately list the sources of interest and dividend payments you receive during the year (2023 IRS Threshold is >$1500)

A tax form that you can use to itemize deductions, rather than claim the standard deduction

A tax form that you use to report self-employment income

A tax form used to report selling a capital asset (ex: gains/losses from selling stocks, selling homes/cars, etc.)

What is a schedule B form?

A tax form that you can use to itemize deductions, rather than claim the standard deduction

A tax form used to report selling a capital asset (ex: gains/losses from selling stocks, selling homes/cars, etc.)

A tax form that you use to report self-employment income

An income schedule that requires you to separately list the sources of interest and dividend payments you receive during the year

What is a schedule C form?

A tax form used to report selling a capital asset (ex: gains/losses from selling stocks, selling homes/cars, etc.)

An income schedule that requires you to separately list the sources of interest and dividend payments you receive during the year

A tax form that you can use to itemize deductions, rather than claim the standard deduction

A tax form that you use to report self-employment income

What is a schedule D form?

A tax form used to report selling a capital asset (ex: gains/losses from selling stocks, selling homes/cars, etc.)

A tax form that you can use to itemize deductions, rather than claim the standard deduction

A tax form that you use to report self-employment income

An income schedule that requires you to separately list the sources of interest and dividend payments you receive during the year

What is a schedule E form?

A tax form that asks information about certain rental and royalty income, real estate investments, and pass-through business income

A tax form that you can use to itemize deductions, rather than claim the standard deduction

An income schedule that requires you to separately list the sources of interest and dividend payments you receive during the year

A tax form to commit tax fraud

How much of a discount do MAG tier 1 clients get on taxes?

Half off total return (even with extra schedules, etc)

$25 discount on simple 1040 return (additional charges for extra schedules)

No discount for tier 1 MAG clients

$76 discount on simple 1040 return (additional charges for extra schedules)

If a return is received after which date it MAY be extended?

March 1st

April 5th

March 15th

March 29th

If a return is received after which date it WILL be extended?

April 5th

March 15th

April 15th

March 29th

Tax 101

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