How to File Your Federal Income Tax Return?
Preparing and filing your federal income tax return can be a daunting task, but breaking it down into steps makes it much easier. Here is a comprehensive guide on how to prepare, file, and track your federal taxes, as well as how to reach the IRS if you need assistance.
Steps to File Your Federal Tax Return
You will need to gather the basic documents and complete the necessary steps in order to file your federal tax return. This can be achieved by following some of the steps outlined below, so that it is accurate and timely:
Gather Required Forms and Documents
You will require forms and records showing your income and the eligible expenses. These could include:
W-2 Forms: One from each employer you worked for during the tax year.
1099 Forms: For any additional income, such as freelance or contract work.
1099-INT Forms: To report interest income from financial institutions.
Receipts for Deductions: These include receipts for charitable contributions, mortgage interest payments, state and local taxes, and any qualifying medical, business, or other deductible expenses if you’re itemizing your return.
Choose Your Filing Status
Your filing status is determined by your marital status and the percentage of household expenses you’re responsible for. Common filing statuses include:
Single
Married Filing Jointly
Married Filing Separately
Head of Household
Qualifying Widow(er) with Dependent Child
Decide How to File Your Taxes
You have multiple options for filing your taxes. Choose the one that best suits your needs:
E-file with Tax Software: The IRS recommends the use of tax preparation software for the fastest, most accurate returns and quicker refunds.
Use IRS Direct File: If you are eligible and live in one of 12 participating states, you may be able to file online for free using the IRS Direct File pilot program.
File by Mail: If you file by mail, note that it may take four weeks or more for the IRS to process your return.
Choose the Standard Deduction or Itemize Your Return
Determine whether to take the standard deduction or itemize deductions. Most people use the standard deduction because it’s easier, but you might save more in taxes if you itemize if your deductible expenses are greater than your standard deduction.
Pay Taxes Due
If you owe taxes, you will need to make a payment. You can:
Pay Online: The IRS has online options to pay, including direct pay and debit/credit card payments.
Pay through Installment: If you are unable to pay the entire amount, you can file an installment agreement with the IRS.
Pay by Check/Money Order: Mail a check or money order to the IRS. Include the correct payment voucher and send it to the IRS address for your state or region.
Submit Your Return on Time
File your return on or before the deadline of the IRS to avoid penalties and interest. Usually, the deadline falls on April 15 but if it happens on a weekend or holiday, then the deadline changes.
Check the Status of Your Tax Refund
You can check your refund status after filing through the IRS’s “Where’s My Refund” tool. You will be required to provide your Social Security number, filing status, and the exact amount of the refund shown on your return.
Contact the IRS for Help Filing Your Tax Return
If you need help or have questions as you prepare your return, there are several ways to get that help from the IRS. Keep the following in mind before contacting the IRS:
Check Online Resources First: The IRS website contains answers to many of your common questions and guidance on most tax-related issues.
Call the IRS: If you want to talk to someone, you can call the IRS. Be prepared for possibly long wait times.
Visit a Taxpayer Assistance Center: If you want to visit someone in person, you can schedule an appointment at your local IRS Taxpayer Assistance Center (TAC) office.
Note: The IRS does not answer tax-related questions via email for security reasons.
By following these steps, you’ll be better prepared to file your taxes accurately and on time. Remember, if you’re unsure about any part of the process, don’t hesitate to use IRS resources or seek professional tax advice.
