It’s tax season folks! I know, I know, you’re scared of it but you shouldn’t because with these tips you’ll be able to tackle your taxes better than a professional, and not have to pay someone else for the displeasure of the upcoming tax season.
Do you need to file?
It may surprise you to learn that not everyone is required to file a tax return. If you are disabled, or made under $12,000 in 2019 then you may not be required to file. The requirements to file/or not file are complex and assessed on a case by case basis.
Collect your documents
The average American has 2-5 tax documents to file; W2s, 1099s and mortgage documents and banking interest earned and other details.
If you are not sure what documents you will need, then consult tax software sites like tax slayer etc. Here is a link to a great checklist to get you ready!
File by paper and/or on the internet
If you make under a certain amount of money (around $50k a year) then you have the right to file for free. No fees, period.
If you don’t have a computer then you can file by paper. Forms can be obtained at the local library or by request by calling the IRS.
If you can’t do it on your own, get help for free; if you qualify
If you can’t file your taxes on your own, there are many free services out there that can help you file your taxes. If you want to and can afford it, there are paid services out there as well. Please note, if you hire someone, or ask someone else to file your taxes – and there is an error on your return – it is your fault, and not theirs. All liability for the prepared return is yours alone.
The process of filing taxes is not hard, and with the right preparations the process can take as little as 20 minutes for less complex tax situations. So, stop worrying, gather those documents and get this little pest out of the way, so you can enjoy the rest of 2020!