Did you like how we did? Rate your experience!

Rated 4.5 out of 5 stars by our customers 561

Video instructions and help with filling out and completing Why 940 Schedule R Form

Instructions and Help about Why 940 Schedule R Form

Okay let's move on to another question what do what when do I use Schedule A this is a question about itemized deductions the schedule a I think we have a copy of that here for you guys you can actually look at this schedule a this is one of those things also that we talked about on when to use schedule or form 1040 when to use Form 1040a if you have itemized deductions that's one of the reasons you're going to have to use the full IRS Form 1040 let's see if I can find my schedule a here okay I don't see my schedule a I missing a hint that I can find it see this is my new test for technology so I can go out here to the IRS gov and this is also the place you can go you can still get most of these forms right here at Mahalo comm but you can also go straight to the IRS website and just type in schedule a search right on the website tremendous number of forms instructions help you see Schedule A right there on the front page Schedule A is called itemized deductions the key point for itemized deductions is these are things that relate to personal expenses medical expenses mortgage interest that you pay on your home real estate taxes sales taxes if your state has income tax that goes on the schedule a also this is where you put gifts to your church any other charitable contributions any expenses that you pay in connection with your job now not a small business but in connection with your job that aren't reimbursed also go on the schedule a so if you have medical expenses charitable contributions to your church or otherwise mortgage interest on your home real estate taxes sales tax state income tax casualty losses on your home some people in the hurricanes we've had what's a tornado went through Texas and South last week lots of casualty losses out there all of those things go on Schedule A now Schedule A also gives you an option the IRS recognized is that some people don't want to go through all the hassle of filling out this form or they may not have enough to kind of get to the minimum so the IRS has a standard deduction for itemized deductions you can either use standard deduction or you can actually fill out the schedule a and go through all of the detail if you're single and you have about fifty seven hundred dollars or less in these type of expenses that we've talked about then it's better for you just to use the standard deduction if you have more than that in your single then certainly fill out this form because you can deduct the higher of the two either the minimum fifty seven hundred dollars or the detail of all the expenses you had and if you're married filing jointly the number is about twice that so the good news here is that if you have some of these type of expenses it's a great idea to download the form again right here at Mahalo comm you can download those forms do the calculation and then see which one of those actually benefits you the most which gives you the highest deduction and that's when you'll end up using Schedule A so great benefit it is the way we can get some of our personal expenses deductible so certainly take advantage of the Schedule A at least look at that form and see if it's going to benefit your overall tax position.

If you believe that this page should be taken down, please follow our DMCA take down process here.