Do you have to file a return? The answer to this question depends on your income, age, filing status, and many other factors. Apart from this, it depends on whether anyone else can claim you as a dependent.
In case you don’t have to file, maybe you want to do it anyway. Remember you might qualify for a tax break that could generate a tax refund. Therefore give filing some important consideration if you had income tax withheld from your pay, qualify for education credits or other tax credits or you made estimated tax payments or you had last year’s refund applied to this year’s projected tax.
Additionally, filing your federal income taxes for the first time can be difficult, but if you’re questioning how to file taxes, then the best way to file it is file your US income tax return online.
How to File US Income Tax Return Online? Here are some tips while filling US tax return online
Gather All the information you need
You have to gather all the proof of income and expenses that might be tax-deductible or get you a tax credit, and evidence of taxes you paid already throughout the year. Our tax prep checklist can give you more guidance. Here’s a short version of what to round up:
- Unreimbursed medical bills &Property taxes and mortgage interest
- Charitable donations, Classroom expenses & State and local taxes you paid
- Social Security numbers (SSN’s) for yourself and for your spouse and dependents if any
- W-2 form, which tells how much you earned in the past year and how much you have paid in taxes on those earnings
- 1099 forms, which are a record that some entity or person (not your employer) gave or paid you money
- Federal and state tax returns of last year if this isn’t your first time filing.
- Retirement account contributions & Educational expenses
Steps To File Your US Income Tax Returns Online:
| Steps | What To Do |
| Step 1 | Log on to the portal |
| Step 2 | Download appropriate ITR form |
| Step 3 | Enter details in Form |
| Step 4 | Compute all relevant tax details |
| Step 5 | Confirm the above details |
| Step 6 | Submit return |
| Step 7 | Digital signature |
| Step 8 | Confirmation from ITR verification |
| Step 9 | E-verify Return |
Keep in mind that there’s a late-filing penalty if you don’t file the tax return on time. This could be 5% of the amount due for each month or partial month your return is late and the maximum penalty is 25%.
Take Benefits Of Free Tax Help
The IT he Internal Revenue Service’s Volunteer Income Tax Assistance and Tax Counseling for the Elderly program provide free tax prep services to people who make $54,000 or less, are older than 60, have disabilities, or speak limited English. This can be a big money-saver if you qualify.
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