Does filing taxes confuse you? Not sure how to file or what to file? You’re not alone. Many people find themselves overwhelmed and frustrated with the tax filing process. This time of year can be stressful for those struggling with filing taxes. Here are some tips to ease that stress and help you on your way to becoming a tax filing pro!
1. Gather all your documents.
- Mortgage interest statements
- Investment income statements
- Charitable contribution statements
These forms should be mailed or sent electronically to you. Consider placing these documents in a special folder so you can keep them together in one place.
2. Choose your deduction.
Not all, but most taxpayers claim the standard deduction, especially those who are new to filing taxes on their own. If you are considering itemizing deductions, you may need to hire a tax professional to further meet your needs.
3. Pick a filing status
Your filing status will be used to determine your standard deduction and correct tax. Use the following link to determine your filing status. https://www.irs.gov/help/ita/what-is-my-filing-status.
- Head of household
4. Lastly, file your taxes
Now that you have all your documents together, it’s time to file!
There are a few ways you can go about filing. You can do it yourself, hire a professional, or mail in paper returns.
How you file is all based on what you are filing for. If yours is easy breezy, online software is the quickest way to go. However, if you own a business and have more questions than you thought, hiring a tax professional may be your best bet.
How to track your refund status
Once you’ve submitted your taxes, you can check the IRS website to track the status of your return.
Being prepared is one of the most important things during the tax filing season. Know when income tax returns are due for the year so you can get ahead of the game. For 2022, tax returns are due April 18, 2023.