
6 things that you need to do before filing your tax return
Filing your income tax return may seem daunting, but it doesn’t have to be. By following a few simple tips, you can make the process easy and painless. Here are four tips that will help you file your income tax return quickly and easily.
1. Gather your tax documents
The first step is to gather all of your tax documents. This includes W-‐-‐forms, income statements, receipts, and any other documentation related to your taxes. Make sure you have everything before you start filling out your return.
If you’re missing any documents, contact the appropriate party immediately. Don’t wait until the last minute to try to track down missing information.
If you’re not sure what documents you need, the IRS has a handy checklist that can help.
The most important thing is to make sure you have all the information you need before you start filling out your return. This will save you time and hassle in the long run.
Related: What Documents Do I Need to File My Taxes?
Check it out here: [link]
2. Calculate your taxable income
The next step is to calculate your taxable income. This includes all of your income from wages, investments, and other sources.
You can use the IRS’s online calculator to help you figure out your taxable income.
Remember, you’re only taxed on your taxable income. So if you have deductions or exemptions, you’ll need to take those into account as well.
Related: How to Calculate Your Taxable Income
Check it out here: [link]
Assuming you’ve gathered all of your documents and information, the next step is to fill out your tax return. The IRS offers a handy online tool called e-file that makes filing your taxes quick and easy.
3. Determine your filing status
Your filing status is important because it determines how much taxes you owe. There are five different filing statuses: single, married filing jointly, married filing separately, head of household, and Qualifying Widow(er) with Dependent Child.
You can use the IRS’s online tool to help you determine your filing status.
Once you know your filing status, you can begin filling out your tax return.
Related: What Is My Filing Status?
Check it out here: [link]
Now that you know what to do before filing your income tax return, the next step is to actually file your taxes. The IRS offers a handy online tool called e-file that makes filing your taxes quick and easy.
E-file is the IRS’s electronic filing system. It allows you to file your tax return online, directly with the IRS.
E-file is available for both federal and state income taxes. And it’s free to use if you qualify.
4. Collect deductions and credits you may be eligible for
There are a number of deductions and credits that you may be eligible for. These can help reduce your tax bill and save you money.
Some common deductions include the mortgage interest deduction, the student loan interest deduction, and the charitable donations deduction. There are also a number of tax credits that you may be eligible for, such as the earned income tax credit and the child tax credit.
You can use the IRS’s online tool to help you determine which deductions and credits you qualify for.
Related: What Deductions Can I Claim on My Taxes?
5. Complete the IRS Form 1040 (or 1040A or 1040EZ)
Once you have all of your documents and information in order, the next step is to complete the IRS Form
The form will ask you for basic information about yourself and your finances. It’s important to answer all of the questions accurately and completely.
If you’re not sure how to answer a question on the form, the IRS has a handy online tool that can help.
Related: How to Complete the IRS Form
Check it out here: [link]
Now that you’ve completed your tax return, the next step is to file it with the IRS. You can do this online, by mail, or in person.
6. File your return electronically or by mail
If you’re e-filing, you can file your return directly with the IRS. E-filing is quick, easy, and free.
You can also file by mail. To do this, simply print out your tax return and mailing it to the IRS.
Mailing addresses are available on the IRS website.
Now that you’ve filed your tax return, all that’s left to do is wait for your refund. The IRS says that most refunds are issued within 21 days of filing. So keep an eye on your mailbox (or bank account, if you elected to have your refund direct deposited).
And that’s it! Filing your taxes doesn’t have to be complicated or stressful. Just follow these simple steps and you’ll be done in no time.
Related: When Will I Get My Tax Refund?
Check it out here: [link]
Did you find this blog post helpful? Share it with your friends! And if you’re looking for more help with your taxes, check out our other blog posts. We’ve got everything you need to know, from how to file your return to how to get the biggest refund possible.
Happy tax season!
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