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The income tax filing season has already started on January 23 and filing own taxes is young taxpayers and owners of few assets. In this article, read and find out a few tips on how to file your own taxes!
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Filing Tax Returns [Photo: the University of La Verne]
Filing Status
An article on the Ramsey Solutions states that the filing status depends on the taxpayer’s marital status on the last day of the income tax filing season. The filing status includes being single, married filing jointly, married filing separately, head of household, surviving spouse with a dependent child. If a taxpayer is eligible for more than one status, it is advised to choose the one which requires the least amount of taxes to be paid.
Previous Returns
The information from the federal and state tax returns from the previous years will mostly be the same as this year’s income tax filing season. However, there will be some entries that may prompt a taxpayer for any lacking information or forms that are needed to be collected. Important life events like marriage, divorce, having a child, changing jobs, or going to school may also prompt changes.
READ ALSO: Non-U.S. Citizen Taxes: How To File Tax Returns When Married To A Foreign Spouse
Required Documents
According to Rind, a taxpayer will need to prepare the forms given by their employers and banks for the income tax filing season. These forms include those for wages, interest, dividends, investment sales, royalties, retirement distributions, share of income, Social Security benefits, state tax refunds, gambling winnings, and/or forgiven debt.
Tax Deductions
If a taxpayer has enough itemized deductions to surpass the standard deduction, it is recommended to itemize for the income tax filing season. However, during uncertainty, a taxpayer is advised to put everything in and just let their chosen tax program to choose the best course. Only around 30% of the taxpayers itemize their deductions, therefore, if itemizing is not chosen, the taxpayer is one of the majority who chose standard deductions.
File for Free
The tax filing that is free of charge is available to taxpayers who meet specific requirements during the income tax filing season. The Internal Revenue Service (IRS) offers the Free File program. In Free File, federal taxes can be filed without paying for any fees. The version of the Free File that can be used is based on the amount of the adjusted gross income (AGI). If the AGI is less than $73,000, the taxpayer can use the available software for free filing.
READ ALSO: 168 Million Americans Are Expected To Receive Their Tax Returns, Are You One Of Them?
