How to File Taxes Properly, Easily, and on Time

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If you find it tiresome to file your taxes and usually address experts to assist you with the procedure, we have some good news for you. 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 have to 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 some 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 got American Rescue Plan stimulus payments or advance Child Tax Credit payments last year, you can check on the received amounts by visiting the official IRS website.

Tax Deadline

If you want to complete the tax filing process on your own, you have to 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, which is April 15, falls on a weekend, the IRS has moved it to the next business day.

Tax Filing Methods to Consider

A lot of taxpayers consider organizing their tax forms, receipts, and other papers a calamity they’d rather like to avoid. Therefore, paying for professional services might seem the only option to stick with. However, there are other ways that can help you save money and ensure that all your documentation is in order:

  1. Official IRS website. Here you can also find helpful IRS tax filing information for self-employed individuals, businesses, global taxpayers, and charities;
  2. 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 not only with free IRS fillable PDF forms but various templates applicable in 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 to fill it in the editor, e-sign the required form, and send it to the recipient.

How to File Taxes in 6 Steps

Hopefully, by now, you’ve gained some confidence that you can easily manage your tax documentation by yourself. If you file a tax return for the first time, you might find the following algorithm helpful:

  1. Gather documents

Here’s a little tip: With a little bit of 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.

  1. Decide how to file

At this stage, you should decide whether you want 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.

  1. 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.

  1. 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.

  1. Choose how you want your refund

If you want to get a refund from the IRS, you have to indicate how they will send it to you. There are several ways you can choose:

  • a direct deposit in your bank account;
  • a prepaid debit card;
  • a mobile app with direct deposit.
  1. Finish the process by tax day

Always keep an eye on 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. With qualified guidance, some preparation on your behalf, and a smart online platform with fillable tax forms, you can easily do everything on your own. 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 your money and time and file your taxes like a pro.

Based on article by pdfliner.com