We have some good news if you find it tiresome to file your taxes and usually address experts to assist you with the procedure. There are certain ways to do it effortlessly, accurately, and by the established deadline. In this detailed guide, we explain how you can do it hassle-free.
When Can I File My Taxes?
To file your 2021 return on time, you must know the exact date established by the IRS. This year, it falls on January 24, 2022. Therefore, you can collect all the required documentation beforehand and do preliminary research to prepare for tax season. If you do it properly, it will help you to process and refund delays and prevent getting any IRS notices in the future. If you received American Rescue Plan stimulus payments or advance Child Tax Credit payments last year, you can check the amounts you received by visiting the official IRS website.
Tax Deadline
If you want to complete the tax filing process independently, keep an eye on the deadline, as the date might shift. The deadline to file taxes in the upcoming (2023) year is April 18. Since the standard deadline, April 15, falls on a weekend, the IRS has moved it to the next business day.
Tax Filing Methods to Consider
Many taxpayers consider organizing their tax forms, receipts, and other papers a calamity they’d rather avoid. Therefore, paying for professional services might seem the only option. However, other ways can help you save money and ensure that all your documentation is in order:
- Official IRS website. Here, you can also find helpful IRS tax filing information for self-employed individuals, businesses, global taxpayers, and charities;
- Dedicated online services. There are a lot of platforms on the Web offering assistance in preparing taxes. Some of them, such as PDFLiner, provide users with free IRS fillable PDF forms and various templates applicable in the insurance, legal, finance, and real estate industries. There are more than 1000 fillable templates, including those valid over the entire territory of the US, such as W-9, 1099-MISC, and 1040 Form, and local ones such as Kansas Form K-4, Illinois Form IL-2210, Kentucky Withholding Certificate, etc. If you haven’t found the form you need in the enumeration, simply paste its title in the search bar and find the required blank in a mere moment. Helpful instructions and how-to guides will help you fill it out in the editor, e-sign the required form, and send it to the recipient.
How to File Taxes in 6 Steps
Hopefully, you’ve gained confidence that you can easily manage your tax documentation by now. If you file a tax return for the first time, you might find the following algorithm helpful:
- Gather documents
Here’s a little tip: With some preparation, filing your taxes will go more smoothly and speedier. If you collect essential tax papers beforehand, including your W-2 form, 1099 and 1099-INT forms, receipts for charitable donations, and the like, you will be forearmed to do everything on time.
- Decide how to file
At this stage, you should decide whether to file a tax return in an old-fashioned way, by mail, or electronically. The latter empowers you to process forms much faster. If you want, you can ask a professional tax preparer to help you, but dedicated tax software can assist you with the procedure as well.
- Select the relevant filing status.
You should indicate whether you are single, married, or a head of the household to file your tax return. Specify the dependents if you have any, which often relates to relatives or qualifying children.
- Consider credits and deductions to take
If you need to file the basic return, you can use the standard deduction for 2021:
- The sum is $25,100 if you have a spouse and are filing jointly.
- If you are single or are filing separately with your spouse, the deduction is $12,550.
Also, if you owe money to the IRS for the last tax year, you have either to apply for a payment plan or pay for your tax. Usually, you may pay taxes using your credit card if you need it.
- Choose how you want your refund.
If you want a refund from the IRS, you must indicate how they will send it. There are several ways you can choose:
- a direct deposit in your bank account;
- a prepaid debit card;
- a mobile app with direct deposit.
- Finish the process by tax day.
Always watch the last day to file taxes to avoid getting notifications from the IRS and further penalties.
They Say You Can’t Do It Without Professionals. Prove the Opposite
If you are among 85 million taxpayers who pay for qualified services to file your tax returns to the IRS, you can do an upgrade now. You can easily do everything independently with qualified guidance, some preparation on your behalf, and a smart online platform with fillable tax forms. You can always try a free version of such a service if you are in doubt, so don’t hesitate to use the opportunity to save money and time and file taxes like a pro.
Based on an article by pdfliner.com
FAQs
Q1: What documents do I need to file my taxes?
A1: You’ll need documents such as W-2s, 1099s, receipts for deductions, and any other income statements.
Q2: What are the key deadlines for filing taxes?
A2: The key deadline is usually April 15th, but it can vary if you file an extension or have special circumstances.
Q3: Should I file my taxes electronically or by mail?
A3: Filing electronically is generally faster and more secure, but you can file by mail.
Q4: How can I ensure I don’t miss any deductions or credits?
A4: Use tax software or consult a tax professional to ensure you take advantage of all available deductions and credits.
Q5: What should I do if I owe taxes and can’t pay the full amount?
A5: You can set up a payment plan with the IRS or explore other options to avoid penalties.
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