How To File Your 2023-2024 Taxes: The Ultimate Guide to Filing Stress-Free
The due date is approaching and it is once again time to file your tax returns. Filing taxes for 2023 can feel overwhelming, but with the right guidance, you can determine how to navigate through standard deductions, credits, cuts, federal taxes, state taxes and whatever else 2023 taxes have in store. Whether you’re electronically filing or just want to figure out what you owe in taxes, taking it step-by-step makes the process easier.
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Filing Your Taxes: A Simple Step-by-Step Guide
Make sure to file by the deadline even if you can’t pay your tax bill. If you avoid filing, you’ll end up owing more in penalties, but you can file for an extension by the same deadline if needed. This ultimate guide will walk you through the process step by step, making it easy and stress-free.
Gather your documents
Choose your filing method
Understand your deductions and credits
Fill out your tax forms
Review and submit your return
Keep copies of your tax return
Follow up on your refund
1. Gather Your Documents
When you start filing taxes, gather all the necessary documents, forms and personal information you will need. These include your W-2 forms from your employer, 1099 forms for any additional income, receipts for deductible expenses, routing numbers for your bank account and any other relevant financial documents. Having these organized in front of you saves you from scrambling when filing.
2. Choose Your Filing Method
If you have a good grasp on your taxes withheld and how to calculate what you owe you have options when it comes to filing. Here are some available methods to consider:
File online using tax preparation software such as Intuit TurboTax or H&R Block
Hire a professional tax preparer or accountant
File by mail using paper forms
3. Understand Your Deductions and Credits
Deductions and credits can help lower your tax bill or increase your refund. Common deductions include expenses for education, home mortgage interest and charitable donations. Make sure to take advantage of any deductions and credits you qualify for to maximize your tax savings.
4. Fill Out Your Tax Forms
If you’re filing online, the tax preparation software will guide you through filling out the necessary forms. If you’re filing by mail, carefully fill out each form following the instructions provided. Double-check your information to ensure accuracy and avoid any errors that could delay your refund or result in penalties.
5. Review and Submit Your Return
Once you’ve filled out all the necessary forms, take the time to review your tax return for accuracy. Look for any mistakes or missing information and make corrections as needed. When you’re confident everything is correct, submit your return either electronically or by mail.
6. Keep Copies of Your Tax Return
When you’ve completed, keep copies of your tax return and all supporting documents for your records. This will come in handy if you ever need to reference them in the future or in case of an audit.
7. Follow Up on Your Refund
If you’re expecting a refund, you can track its status using the IRS’s “Where’s My Refund?” tool on their website. If you’ve used a platform such as TurboTax you can also opt in for alerts letting you know any status updates with your refund. Typically, refunds are issued within a few weeks of filing, but it may take longer during peak tax season.
How Much Do I Have To Make To File Taxes in 2024?
Almost everyone with a social security number is required to file taxes. However, if you are under certain income thresholds you may not have to worry about filing or requesting an extension. Here are some key takeaways about the minimum income to file taxes:
Single filing status under 65: $12,950 and under
Single filing status 65 or older: $14,700 and under
If you have more specific questions about your tax situation, such as if you have capital gains to report or need more information on the FICA tax rate, don’t hesitate to reach out to your trusted tax advisor for guidance.
Final Take To GO
Filing your taxes doesn’t have to be stressful. Remember to gather your documents, choose the right filing method, take advantage of deductions and credits, fill out your forms accurately, review and submit your return, keep copies for your records, and follow up on your refund. Here are a few more helpful tips to leave you with:
Be sure to look for all available tax credits, such as the Earned Income Tax Credit, or EITC, which can provide a reduction for average gross income for low- to moderate-income individuals and families.
Use Free File tools, which allow taxpayers who make under $73,000 to file returns electronically for free “using brand-name software provided by commercial tax filing companies.”
Set up a direct deposit account with the IRS, either on the paper return or the e-file submission to get your refund sent to you more quickly. The IRS has already warned Americans that refunds may take longer this year — and may be less substantial than usual due to the end of some deductions and credits like the expanded Child Care Tax Credit.
FAQ
When are taxes due?
Taxes are due Monday, Apr. 15, 2024. You'll want to make sure you have all your forms, such as 1040, W-2s, 1099s and other tax documents--for example, records of interest or retirement savings activity--in hand before doing so. This can help you avoid any processing delays or potential flagging of your return. Many employers and banks have started sending requisite employment-related forms out, and typically do so by the end of January.
How much do you have to make to file taxes?
Here are the minimum income thresholds for filing taxes:
Single filing status under 65: $12,950 and under you don't have to file
Single filing status 65 or older: $14,700 and under you don't have to file
This article originally appeared on GOBankingRates.com: How To File Your 2023-2024 Taxes: The Ultimate Guide to Filing Stress-Free
