Guide for Taxpayers: What You Need to Know When Filing Taxes
Tax season can be overwhelming, but being prepared makes the process easier. Here’s a quick guide to help you navigate your tax filing.
1. Understand Your Filing Status
Your filing status affects your tax rates and eligibility for deductions and credits. The main statuses include: Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualifying Widow(er).
2. Gather Necessary Documents
Collect these key items:
Personal Information: SSNs and dates of birth for you and your dependents
Income Documentation: W-2s, 1099s, and other income statements
Deductions and Credits: Receipts for expenses, Form 1098 for mortgage interest, and documentation for charitable contributions
3. Know Your Deductions and Credits
Decide between taking the standard deduction or itemizing. Explore available tax credits like the Earned Income Tax Credit and Child Tax Credit.
4. Choose Your Filing Method
You can file using DIY software, hire a professional, or use IRS Free File if you qualify.
5. File on Time
The deadline is typically April 15. If you need an extension, remember it only extends the filing deadline, not the payment deadline.
6. Keep Records
Retain a copy of your return and supporting documents for at least three years in case of an audit.
Tax Disclaimer: This guide provides general information and is not a substitute for professional tax advice. Always consult with a qualified tax professional for your specific circumstances.