Filing Your Own Tax Returns
Preparing and filing your own tax returns doesn't have to be a stressful experience. Give yourself the time and tools you need, double check your information and ask for help if you need it. Remember, the more information you have about the process, the more positive the experience will be.
Here's the most basic breakdown of how to file your tax returns:
- Collect all your records. This includes W-2s, 1099s, and all applicable receipts and invoices you have been filing throughout the year.
- Obtain the proper forms and schedules. This is most easily done online via the IRS website.
- Using the instructions provided by the IRS for manual filing, fill out your return.
- Triple-check all fields and make sure they are correct. Work through your calculations once or twice more for any discrepancies.
- Sign and date the paperwork.
- Attach all the forms. Include form 1040-V with any required payment and mail using the envelope provided by the IRS. Make sure to submit it on time!
And here are some helpful pointers to keep in mind while you're in the process of preparing your returns:
Always file your taxes on time, no matter what.
The deadline each year is April 15th. If you don't file your taxes on time, you'll begin to accrue interest on the amount that you owe. If you have no way of making the deadline, you can apply for an extension by using Form 4868.
Make sure your handwriting is legible.
This seems like a simple thing to keep in mind, but it's actually very important and often overlooked.
Make sure all provided social security numbers are accurate.
Check and recheck to avoid all-too-common mistake.
Remember to include all of your W-2s.
Round all dollar amounts up to the nearest whole dollar.
This technique will simplify the math involved and reduce your chances of making an accidental mistake.
Get help if you need it!
If you have a question, chances are the answer is out there and available for free. Many local nonprofit organizations, as well as some government offices, offer free tax help during tax season. Check the IRS website for wide range of free tips and information.
Double-check your math.
Even if you are certain you did it all correctly, it's better to be safe than sorry. You can save time and money by catching simple mistakes before you file.
Be sure to sign, or obtain both signatures if you are filing jointly.
Keep a hard copy of your tax return.
Always keep these copies filed and easily accessible in case any questions ever arise.
