How to File Taxes

FILE YOUR TAXES IN FIVE STEPS Wednesday, April 15, 2015 is probably a day circled in red on your calendar. It's the Internal Revenue Service Tax filing deadline, also known as Tax Day. But did you know that you could file your taxes before the deadline and receive your tax return even earlier? If you have never filed taxes on your own, here is how to do it in five simple steps: STEP 1: GET YOUR PAPERWORK In order to complete your taxes accurately, you will first need to gather your tax documents. This includes your W-2s, 1099s, mortgage statements, charity receipts and student loan interest. If you have any documents that are deductions like childcare, education or home improvement receipts, make sure you grab those too. Step 2: Mark Your Calendar You will receive your income and investment forms in the mail by January 31st. Tax Day is April 15th. Although it seems like two and a half months is a long time, it sneaks up on us. So set a reminder on your phone, tie a bow around your finger, mark your calendar – whatever will help you remember. Also, if you don't receive your forms, make sure you contact the necessary people. STEP 3: Ornganize Dacuments Now that you have your paperwork and reminders have been set, it's time to get organized! Purchase a few blank folders and appropriately label each one. Put all of those documents that deal with income into its own folder. Develop a system that works for you, just make sure you know how to easily access everything. STEP 4: DIY OR NOT TO DIY Now this is the tricky step. You really have two options to actually file your taxes: hire someone or do it yourself. If you have a tax accountant you trust, a family member or friend, ask them for assistance. If not, programs like Turbo Tax exist to help you through the process. If you have organized your documents, doing them yourself can save you money and takes just a little of your time. TAK RETURN Step 5: File Those Taxes! According to the IRS tax schedule, the earliest you can file is January 23, 2015 and the absolute deadline is April 15, 2015. Remember: the earlier you file, the quicker you will get your tax return. You can submit them online at IRS e-file or via the program you use to prepare your taxes. If you are having difficulty figuring out how to prepare your taxes, request help at a local IRS office or volunteer site. For more tips and information on filing your taxes, visit http://www.irs.gov/Filing. 1IRS. (2014). IRS. Retrieved December 2, 2014 from http://www.irs.gov/ 2 Tax Schedule. (2 December 2014). Tax year 2015: Things you should start preparing for now. Retrieved December 2, 2014 from http://taxschedule.net/ CashNetUSA. EMoney's on the waye 3 IRS. (2014). IRS. Retrieved December 2, 2014 from http://www.irs.gov/Filing