What Forms do I Need to File My Taxes?
Filing and maintaining an efficient tax record can be a difficult task for the average taxpayer. Thanks to online tax platforms, individuals and corporations can now maintain an efficient tax return list. This guide is a breakdown of the key processes for filing your taxes online, include what forms you need to claim.
5 Steps to Filing Your Taxes Online
Regardless of your preferred tax software, the filing process is generally the same. They all include specific steps from the documentation process to the refund.
Step 1: Create Your Tax Documents Checklist
Before you start putting together your receipts, take a moment and ask yourself, “What forms do I need to file my taxes?" This is because you'll be filling out and submitting more forms than you would receipts. Depending on the nature of your work, you'll need to get the W-2 forms from your employer(s) and 1099 forms for your other freelance or contract work. You will also need to turn in your receipts of deductible expenses and other financial documents requested by the tax body.
Step 2: Create a Tax Filing Account
Most e-filing companies and tax software will require that you create a personal tax account. Most platforms have a simple registration process that only requires an email and a password. Some others may require that you undergo a verification process, which may take a few minutes to a couple of hours.
Step 3: Input Your Financial Details
Before you start thinking of what to bring for taxes, you first have to provide the platform with a few details. This would often include your government name, home or office address, Social Security number and filing status. To help the platform access your financial details and tax, you will be required to submit the W-2 and 1099 forms. Ensure you crosscheck these details before inputting them. Something as simple as a spelling error can become a costly mistake.
Step 4: Review and e-File Your Return
Once you’ve checked your “What documents do I need for taxes" box, review your tax return and be sure it's accurate. Thankfully, most e-filing companies have a toolbar that would allow you to check for errors and alert you of potential issues. After reviewing, you can e-file your return directly to the IRS electronically. The company will notify you once it is accepted. They will also notify you of potential perks, so you can easily take advantage of deductions and credits that you qualify for.
Step 5: Track Your Refund
You can track the status of your refund through the IRS website. You will be required to choose a payment method to access your refund. For those who owe taxes, they can choose to pay via the same payment method. Most taxpayers who choose a direct deposit usually get their refunds within 21 days.
By following these five simple steps, you can efficiently file your taxes online and meet all necessary deadlines. E-filing is the fastest and most convenient way to file your taxes. With the right e-filing platform, your taxes will be processed and filled in no time.
Tax Software for Filing Taxes Online
The internet is flooded with a variety of e-filing software that can ease your tax filing process. Different options have unique features and appeal to different taxpayers. Whatever you pick will depend on your specific needs. Some of the most popular options include:
- TurboTax. From uploading documents to actually filling your taxes with minutes, TurboTax has an impressive user-friendly interface. The platform also guides users through the filing process with prompts and tips to maximize deductions. TurboTax has a free option for simple returns and a collection of resources for taxpayers.
- H&R Block. This brand is a classic in-person filing platform with exceptional software. H&R Block's platform is easy to navigate and allows importing previous tax returns. It also has a free filing option for simple returns.
- TaxAct. TaxAct is popular for its emphasis on maximizing tax refunds. It has a couple of affordable fees for different filing processes. It also has an impressive collection of educational tools and resources.
- Jackson Hewitt. This is another in-person tax filing service with an impressive e-filing service. Jackson Hewitt is a solid choice for many taxpayers because it provides various plans that accommodate different filing needs. They also have a prompt customer support service that can even answer questions like, “What forms do I need to file my taxes?"
- Cash App Taxes. This is a free tax filing service with no hidden fees. Cash App Taxes is a great option for those looking for a cost-effective way to file their taxes online. The platform is also user-friendly.
Final Thoughts
Filing taxes online will help you stay ahead of deadlines, and take advantage of other perks like tax deductions. With the steps outlined in this guide and the software discussed, you can easily navigate your way around the e-filing process. It’s best to choose software that suits your pocket and specific tax needs. As you explore these platforms, you'll find an option that works for your needs.
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