We all know there is nothing fun or exciting about tax season. While some of us will joyously await a substantial tax return and dream about how we will spend our hard earned money, others will dread the day they have to finally submit their tax forms. When it comes time to prepare your tax return, there are a few things you need to know. Here are some tips that can make your tax season a little less stressful.
What form should I be using?
In most cases, depending on how you filed in the previous year, the IRS will send you one of three forms. Form 1040, Form 1040A, or Form 1040EZ with detailed instructions. It’s always beneficial to read through each form to see if you should use a different form this year for any reason. Many factors can play into which form is best for you, such as your marital status, your earned income, if you plan to itemize any deductions, and any credits you may be able to claim.
The Basic Steps
Nobody wants to be audited, so it’s important to gather all the correct information you need when you start preparing your taxes. Check out the basic filing steps below.
- Gather all of your financial records. This includes any kind of income or expenses.
- Find all of the forms, schedules, and other reports you need.
- Fill out your return using the detailed instructions provided.
- Always double check the information for accuracy. (This will help you avoid any mistakes that could result in an audit!)
- Sign and date your return.
- Be sure to attach all of the required paperwork needed.
Need additional help?
Filing taxes isn’t always the easiest thing to do on your own. If you come across questions or forms that just don’t make sense, it would be wise to ask a professional. A tax or legal expert should be able to assist you in properly preparing everything that you need to complete your tax filing.