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Spring 2024 Vol. 80, No. 02THE OFFICIAL PUBLICATION OF THE ARKANSAS MUNICIPAL LEAGUEBUILDING PROGRESS FOR 45 YEARS.We have municipal financing solutions that pave the way for your next project, and
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Community of form year refers to the joint tax filing status for married couples or partners, allowing them to combine their income and report taxes collectively for a specified year.
Individuals who are married or in a registered partnership and choose to file their taxes jointly are required to file a community of form year.
To fill out the community of form year, taxpayers must complete the relevant tax forms, report their combined income, deductions, and credits, and submit the forms to the tax authority by the specified deadline.
The purpose of community of form year is to simplify tax filing for couples, provide potential tax benefits, and allow for a single tax liability based on combined income.
The information that must be reported includes both partners' income, deductions, credits, and any other relevant financial data that affects the joint tax return.
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