A Quick Guide to Filing Your Income Taxes
Does the thought of 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 the year can be stressful for those struggling with filing taxes. Here are some tips to ease your stress and help you on your way to becoming a tax filing pro!
1. Gather all your documents
One way to stay organized each year is to start a folder. As you receive documents, receipts, etc., file them in that year’s tax folder. This way, when the time comes to start your return, everything you need is in one place. There are several documents you’ll need, but here are some of the most common:
-
W-2s
-
1099s
-
Mortgage interest statements
-
Investment income statements
-
Student loan interest statements
-
Charitable contribution statements or receipts
-
Dependent care statements along with the social security numbers for the individuals listed as dependents
2. Choose your deduction
Most taxpayers claim the standard deduction, especially those who are new to filing taxes on their own. If you’re considering itemizing deductions, you may need to hire a tax professional to further meet your needs.
3. Pick a filing status
Your status will be used to determine the rate at which you are taxed, as well as what credits and deductions you might be eligible for. The primary filing statuses are:
-
Single
-
Head of household
-
Married filing jointly
-
Married filing separately
-
Qualifying Widow(er) with Dependent Child
For additional help in determining your status, complete the quick and simple questionnaire provided by the IRS.
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 you know your process will be easy breezy, online software is the quickest way to go. However, if you own a business or have additional questions, 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.
Preparation is key during tax season. Mark your calendar for when income tax returns are due to avoid last-minute stress. For 2024 taxes, the deadline for filing your federal and state return is Tuesday, April 15, 2025.