How to Get Prepared and Do Your Own Taxes

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How do you get your taxes done before that April 15th deadline? Well, start by using this article as your guide for you to avoid filing your tax return on the very last minute.

1.) Get all of your W2s from the companies which hired you as one of their employees last year.

2.) Gather all the required forms for you to be able to file your tax return. Get only the forms that are applicable to your situation and current state of employment.

3.) Fill out all fields which can be found on the topmost portion of the form. You would only have to write your name, address and SSN for this step.

4.) Next, you would have to deal with your filing status. You can write single or married and filing jointly on this field. These options have respective requirements which can make a difference on your taxes.

5.) Sum up your previous year’s gross income. This income should be written in line 4 while your tips, salaries and wages are to be seen in your W2’s box 1.

6.) If you are to be claimed by another person, then look into the tax book information. Use the chart in there for you to fill out line 5. If you are married, then put $18,700 on this line or $9,350 if you’re single.

7.) Calculate your taxable income by subtracting the amount in line 5 from the digits in line 4. Enter 0 in the field if line 5 has a greater amount than line 4.

8.) Refer to your W2 for you to answer the next few questions. In line 10, sum up the amounts written in lines 7 to 9 for you to enter your total payments and credits on this line.

9.) Use the tax chart for you to be able to find the corresponding tax for the amount on your line 6. Enter the result on line 11.

10.) To know your refund, subtract the amount in line 11 from the digits in line 10. If your line 11 is greater than your line 10, then you would have to pay the difference instead.

11.) Choose the option on how you want to receive your refund. It can either be sent through a check in a mail or straight to your bank account.

12.) Place your signature and submit the form.

Additional Tips:

  • You can pay a professional to file your tax return if you’re too busy to do it yourself.
  • If you’re doing it yourself, then don’t hesitate to ask questions when you’re confused.
  • Always gather all your tax information beforehand.
 


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