Filing taxes on your own can be a little messy and intimidating, especially when you are doing it for the first time. This blog post is sure to help you do your taxes yourself. So pay attention to the each point mentioned below. Let’s find out how one can file taxes on their own;
Understand the deadlines
In the United States, the tax filing deadline is usually on April 15. It that day comes on a public holiday or mail holiday, it will be moved to the next working day. Tax returns should be mailed or e-filled by the tax deadline issued by the federal financial institute to avoid late filing penalties. The deadline may be extended by the authorities. So you should check their official website regularly to stay abreast of the changes.
Make sure you are eligible for tax returns
In the United States, not everyone needs to file taxes annually. For instance, if your salary is below a particular threshold, you won’t need to file returns. Dependent adults and children also may not need to file tax returns. Wondering if you need to file tax returns? You can visit Internal Revenue Service’s online Interactive Tax Assistant to clear away any doubts. The wizard will ask you a few questions about filing status, income, and whether you had your taxes withheld the last year. It uses that info to determine if you need to file your tax returns.
Review documents from last years
When filing taxes, you may want to access the info from you last year’s tax returns, both federal and state. Much of the info will more likely to be the same, such as children’s social security numbers, employer federal ID numbers, and some of your credit options. This will help you a lot in filing tax returns for the current year.