There are probably many people who would like to file their taxes as soon as possible. But they don’t know where the forms are or how to even begin figuring out what they owe. If you’re one of those who don’t know how to file your taxes and you want to learn, then here are some tips. We’ll guide you on what you need to know about filing taxes.
Gather All Necessary Information
One of the first things that you should do is to gather all of your information. This includes your social security number, income, and deductions. If you aren’t sure what a deduction is, it’s an amount that you subtract from your total gross income. This will allow you to determine how much money you actually owe.
Fill Up Some Forms
Once you have all of this information together, you can start filling out the forms. A lot of the time there may be more than one form that you need to fill out, so it’s important that you don’t lose any of them. A good idea is to organize all of your paperwork by putting each form in its own folder or if they are monthly documents, keeping them all in chronological order using folders and marking what year they are for. This way when you go to file your taxes at the end of the year, everything will be where it needs to be.
Double Check for Accuracy
After you have all the forms entered, you should double-check everything for accuracy. This is very important because if there are mistakes, this will delay your refund until you fix them.
The last thing that anyone wants involvement in red tape or paying the money that you don’t actually owe back. Therefore, make sure to do everything right before submitting anything.
Alternatively, you can also ask your employer for a copy of what they have already sent in. This way you can be more thorough and it will keep you from having to fill out the same thing twice. The last thing that anyone wants is to make any mistakes or leave something blank because if the IRS comes back and says that information was missing, this could result in interest charges and penalties.
Decide How to File Your Taxes
Now that you know more about how to file your taxes, the next thing to decide is how you want to file them. Do you want to file online or do you prefer to go down and mail them? The choice is really up to you.
But whatever decision that you make it’s important that you don’t procrastinate because if the deadline has passed then your only other option will be to pay a fee for buying an extension. Nonetheless, below are some of the options for filing your taxes.
Free File – There are several different free tax filing options available. If you have a relatively short return and your income is less than a certain amount, then you may be eligible to file online for free using the IRS tax prep software.
Tax prep software – There are a couple of software you can use, both paid and free, that help you file your taxes. Some are meant for self-employed workers while others are designed for individuals who are filing jointly with their spouses. The software can walk you through preparing your tax return. Others can help you figure out the credits or deductions you could be eligible for.
Tax services – There are also tax services available like Lopez Insurance where you can have tax professionals do your taxes for you. This is a paid service and the cost varies depending on what company you go with. You should also check how much they charge per hour, or it could be a flat rate.
After you finish filling out the forms, the next thing to do is to decide how you would like to file. There are three main options, which are by mail, through the use of a professional tax preparer, or online.
Another option is always mailing in your forms by sending them off via post office. This has been the most traditional way and is still widely used today. This is because it gives people peace of mind knowing that their information gets directly to the IRS instead of through someone else who could potentially lose it.
However, this does take longer than other filing methods and the downside is if the IRS needs more information from you and they don’t get it before April 15th, then there’s nothing that can be done at that point except
Time to File Your Income Tax
Once you’ve gone through all of this, then it’s time to file everything and wait patiently for your refund check. It may feel like forever before it arrives, but patience is a virtue. Remember, good things come to those who wait. Therefore, take your time filing your taxes at the end of the year.
There are many resources available for those who want help filing their taxes. But the best thing to do is to check with your employer first. They will be able to tell you everything that you need. This includes where and how to get your forms filled out. Likewise with the information about deductions and possible credits that you may qualify for.
The trick is to not worry about it until it’s time to file your taxes. So take your time filling out your paperwork. The last thing anyone wants is a penalty because they turned something in late or got lost along the way. It’s always better safe than sorry.
Once you have all of your taxes together, use a calendar to mark off the days until it’s time to file. The goal is to have everything turned in by April 15th or the soonest but not later than that date. Otherwise, if there are mistakes, there could be penalties and interest charges which is the last thing anyone wants.
It may seem like a lot of work now, but filing your own taxes isn’t as hard as most people think it is. All it takes is some patience and organization skills for things to go smoothly.
The last thing anyone wants is to have something come back and say that there was a mistake. So double-check everything before filing your taxes.
When you file your taxes, always remember to be patient as you go through the process. The faster you complete the process the the better off you’ll be in the end. Just make sure not to leave anything out.
Also, give yourself plenty of time in case something comes up that needs more attention than usual. As for the income tax refund check, it will come in due time.
Not sure where to start? At Lopez Auto Insurance, we are offering tax services that include income tax filing so you won’t have to worry anymore about going through the tedious process of filing without help from experts. To learn more about our tax services on how to file your taxes, give us a call.