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Form 1040 (Schedule C) online Tucson Arizona: What You Should Know
Line 1: This is your net income. ➢ Line 2: This is your gross income, minus any itemized deductions. ➢ Line 3: This is your gross proceeds from gambling or winnings from bingo. ➢ Line 4: This includes any interest, earnings, or gifts you received from investments or other sources that may have had a tax basis of your winnings. ➢ Line 5: This is your gross cash profits in excess of your expenses for tax return preparation and taxes paid to the state of Arizona. You may receive a bill from your accountant for a 25.00 service fee. Note: Your taxable income is the amount at which a tax is imposed for that year on all income of yours. The higher your taxable income, the higher the tax you will pay the state through the form 1040. If your income is in excess of 35,000, you will need to work out an adjustment by dividing by 2.5. That adjustment will lower the effective tax rate of your return. If your income is in excess of 20,000, you will have to file this return for all years. The lower your taxable income, the faster you will receive a refund of the amount of your tax paid by the state of Arizona. You will have to determine the amount you owe the state. For income of 10,000 or less, deduct 100% of your Federal Tax due and pay your Federal Tax by December 30th. For income of 10,001 – 20,000, subtract 100% and pay your Federal Tax by December 30th. For income of 20,001 – 30,000, subtract 75% and pay your Federal Tax by December 30th. For income over 30,001 – 35,000, subtract 50% and pay your Federal Tax by December 30th. If you want to pay the state, check with your Arizona state representative of the state house to request the state tax form or have a bank or credit union transfer tax from you to the state. Also check to see if you will qualify for a refund from the state. For further information, the city of Tucson tax return instructions.
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