how to file your income tax yourself

Tis the season for filing your taxes! W-2’s, deductions, and extensions, no sweat, you got this girl! Here’s a quick breakdown to help keep you organized this tax season.

Filing returns is one of the most daunting experiences throughout the year. Some of you might enjoy doing taxes, while others who aren’t much into accounting and taxation hardly understand what to do every year. So whether you are filing your taxes yourself or hiring a professional to do the job for you, you must know how to file a tax return for knowledge purposes. Today in this guide, we will be discussing how you can file your taxes. But before you do that, you need to prepare a tax checklist to ensure that you have everything in place before starting the calculation process. So let us go ahead and look at the list of things that you need beforehand.

Being organized is the key

1–     Person Information

Whether you are filing individual taxes or business taxes, you must have all your personal information stacked and stored on your system or in your physical. You might be thinking, what could you possibly need that you don’t already know about yourself?

Well, for starters, you need information regarding your last year’s taxes. Keep a record of how much you paid and any return you received for federal and state taxes. Furthermore, you need the social security number of all your dependents, including your spouse, if you have any.

2-     Income

The next thing in line is your income. We all have some income source, so you must have all your documentation in place from the current and previous year. Make sure to have your W-2 forms signed by your employees by the end of January. Furthermore, you also need your 1099 form depending on the type of work you carry out or the payment channel. Make sure that you have the right forms signed and stacked in your personal file.

3-     Deductions

Many taxpayers forget to consider the deductions when filing their tax returns. Before you skip them as well, you need to understand that they help you reduce your taxable income, which in simple terms means that you have to pay less tax money.

There are several deductions that both federal and state tax departments offer to the income holders. But when filling for deductions, you need to ensure that you have supportive documentation in place as well. It protects you from being audited by the state and helps you identify the exact deductions you are eligible for.

You can get professional help if you are not aware of the deductions or directly look them up on Form 1040. Here is the list of the most popular deductions that taxpayers opt for every year;

  • Retirement account contributions
  • Educational expenses
  • Medical bills
  • Property taxes and mortgage interest
  • Charitable donations
  • Classroom expenses

4-   Credits

Next are the credits that you can opt for. You may call them deductions and offer dollar-for-dollar cuts in your tax payments. Here is the list of the most common deductions taxpayers opt for; 

5-   Payments

Lastly, you need to consider the tax payments that you have made during the year. Most of us have income taxes deducted from our salaries, which are represented in our W-2 forms. Also, we do pay federal taxes on products and services we claim during the year. So make sure to account for them as well when filing your tax return.

File a federal income tax return

Now that you know exactly what you need to file your income tax return let us move on to the steps to file your tax return. If you have been doing it for years, then this shouldn’t be a problem for you, but if you are filing your taxes for the first time, follow these steps, and you can get done with your taxes within hours.

1-     Qualify For Tax Return – The very first thing that you need to do is determine whether you even qualify for filing a return or not. State and Federal Government has set a specific limit; if your income falls below that limit, then you are not required to file your taxes for the year. 

2-     Gather Your Paperwork – You will need a ton of data to file your taxes. So before you sit down and do that, make sure to gather all your paperwork, including your personal details, income and expenses, and other required legal documentation. 

3-     Choose Your Filing Status – Different filling status types are depending on your marital status. Also, your household expenses affect the type of filing status, so make sure to consider both when filing your taxes. 

4-     Procedure For Filing – Next, you need to decide who you wish to file your taxes. With digital tech, you can either file them physically or online. We would suggest that you opt for the online procedure as it is simple and accurate. 

5-     Determine Your Deductions – If you are opting for any deduction, then determine them and mention them in your return. 

6-     Make The Payment – By the end, if you own any amount, check the procedure to make the payment. You can also opt for specific payment plans depending on your amount and filling status. 

7-     File Your Tax Return – Lastly, you need to file your return before the deadline, which in the present case is 15th July 2021. It has been extended due to the on-going pandemic, so don’t get lazy. Start working on your taxes right away. 

Contact the IRS for tax help

In case you are finding it had to do your taxes or have certain questions in mind, the best approach is to consult an IRS agent directly via their website. You can also call them on the provided helpline to get the latest information. Furthermore, you can also hire a reputable tax professional to do the job for you. But make sure that your hire someone experienced. Happy tax time!

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Felicity Nicole
Felicity Nicole
Owner , She Is You
I’m Felicity Nicole, and I was born and raised in the Chicagoland area. A tomboy at heart, I can be found hair up, favorite sweatshirt on, cooking up something yummy for my family. I am remarried to a wonderful man who totally gets me (woohoo!)., It turns out God does give us second chances! I am now a stepmom to two adult children who are super beautiful and a nonstop blessing in my life. Watching my son play baseball is by far my greatest joy. I am a transformational coach and Reiki Practitioner on a mission to help women redesign their lives. This mission comes directly from my own personal experience with self-discovery. From an abusive marriage to a healthy, fulfilling relationship, through multiple careers and a lifetime of coaching the women in my own life, what I realized is that I have always had power and tenacity deep within me…I just needed to let it thrive again. My courage and determination to walk away into the unknown and redesign my own story is a shining example that where there’s a will there’s a way. On the lighter side, I like my pizza thick and layered in meat and cheese (remember, I’m from Chicago). I spent 22 years in the veterinary field, where I brought home WAY too many fur babies. And if I had one thing to bring with me to a desert island, it would be coffee.
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