A Quick Guide to Filing Your Income Taxes
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.
A good way to stay organized each year is to start a folder and as you receive documents, receipts, etc., file them in that year’s tax folder so that everything you need is in one place when you are ready to start your return. There are several documents you will need, but here are some of the most common:
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W-2s
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1099s
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Mortgage interest statements
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Investment income statements
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Student loan interest statements
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Charitable contribution statements
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Dependent care statements along with the social security numbers for the individuals listed as a dependent
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 status will be used to determine the rate at which you are taxed as well as what credits and deductions you may be eligible for. The primary filing statuses are:
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Single
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Head of household
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Married filing jointly
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Married filing separately
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Qualifying Widow(er) with Dependent
For additional help in determining your status click the IRS website link here: What is my filing status?
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 2023, tax returns are due April 15, 2024.