3 E TAX Solutions LLC
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TAX Preparation

Form 1040

Used by the taxpayer to report filing status, income, deductions, and credits. Income may include:

  • Wages from an employer
  • Bank interest
  • Dividends
  • State Income Tax Refunds
  • Rents from rental property( 1040 Sch E)
  • Business income from Sole Proprietorships, LLC, partnerships and S Corporations.

Note: If taxpayer has foreign income (from accounts in other countries over $10,000, they must report on their tax return-form 8938).

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Adjustments will be made to the taxpayers’ income which will include contributions to an IRA, SEP or retirement plan. Taxpayer also reports If a teacher reports up to $250.00 in expenses incurred and ½ self employment tax from (1040 Schedule SE.)

Taxpayers make take a standard deduction or itemize their deductions from their adjusted gross income.

The following deductions may be reported on Form 1040 (Schedule A):

  • Medical Expenses (subject to 7.5% of adjusted gross income).
  • Property and state incomes and other personal taxes up to $10,000.
  • Home mortgage interest and home equity loan interest. (Home equity loan must be used to improve the home or home in debtness to qualify for the deduction).
TAX Preparation

Form 1040 calculates taxpayers’ taxable income before other taxes and credits. Other Taxes may include:

  • ½ self-employment
  • 10% penalty for early withdrawal from retirement plans and the health care mandate.

Taxpayer may take the following tax credits if they qualify:

  • Child Tax Credit (Child must be under 16 years of age and meet other requirements)

*For more information about tax law, please visit www.irs.gov.

Services Offered By 3 E TAX Solutions LLC