Determine your filing status:
The first step is to determine your filing status, which could be single, married filing jointly, married filing separately, head of household or qualifying widow(er) with dependent child. Your filing status affects your tax rates and deductions.
Gather necessary documents:
Collect all the required documents, such as W-2 forms (reporting your wages and salary), 1099 forms (reporting various types of income) and any other relevant receipts, statements or records related to your income, deductions and credits.
Choose a filing method:
You can file your tax return either by paper or electronically. Filing electronically or e-filing, is the most common and convenient method. It can be done through tax preparation software, online services or with the help of a tax professional.
Complete the tax return:
Use the appropriate tax forms (such as Form 1040, 1040A or 1040EZ) to report your income, deductions and credits. Fill in the required information accurately, ensuring that you claim all eligible deductions and credits to minimize your tax liability.
Calculate your tax liability:
Once you've entered your income, deductions and credits, use the tax tables or tax software to calculate the amount of tax you owe. The tax rates are progressive, meaning different income ranges are taxed at different rates.
Pay any taxes owed or claim a refund:
If you owe taxes, you must make a payment to the IRS by the tax filing deadline, which is usually April 15th. This can be done electronically or by mailing a check. If you overpaid your taxes throughout the year, you may be eligible for a refund, which can be direct deposited or received as a paper check.
File an extension if necessary:
If you need more time to file your tax return, you can request an extension using Form 4868. This will give you an additional six months, but keep in mind that any taxes owed should still be paid by the original deadline to avoid penalties and interest.
Keep records:
It's important to keep copies of your tax return and all supporting documents for at least three to seven years in case of an audit or other inquiries from the IRS.
This is a cumbersome process and we can do all of the above and file your returns.