Annual Tax Returns Services

Filing your annual tax return may seem overwhelming if you’re new to the process, but following this guide can simplify each step. Here’s how to approach your US tax return filing from start to finish.

Determine Your Filing Status

Your filing status is essential in calculating your tax obligations, standard deduction, and eligibility for certain credits. In the U.S., common filing statuses include:

  • Single
  • Married Filing Jointly
  • Married Filing Separately
  • Head of Household
  • Qualifying Widow(er)

Choose the status that best describes your situation as it affects the calculation of your tax liability.

Follow These Steps

Annual Tax Required Documents

Collect all necessary documents before you begin. This may include:

  • W-2 Forms: For wage and salary information from employers.
  • 1099 Forms: For other income sources, like freelance work, interest, dividends, or self-employment income.
  • Investment Records: For capital gains or losses.
  • Bank Statements: For interest income and other relevant financial transactions.
  • Receipts and Invoices: For eligible tax deductions or credits (e.g., medical expenses, charitable donations).
  • Last Year’s Tax Return: Useful as a reference point and to ensure consistency.

Choose a Filing Method

The IRS offers several ways to file your tax return:

  1. IRS Free File: Available to qualifying taxpayers for free federal tax filing.
  2. Tax Preparation Software: Many opt to use software like TurboTax, H&R Block, or TaxAct for guided filing.
  3. Hire a Tax Professional: For more complex filings, you may wish to consult an accountant or tax preparer.

Determine Your Deductions and Credits

Understand the deductions and credits you may qualify for, as these reduce your tax liability. Common options include:

  • Standard Deduction: A set amount based on filing status (e.g., single, married).
  • Itemized Deductions: Medical expenses, state and local taxes, mortgage interest, and charitable contributions.
  • Tax Credits: Earned Income Tax Credit (EITC), Child Tax Credit, education credits, etc.

Decide whether to itemize deductions or take the standard deduction based on what offers the greater benefit.

Complete Your Tax Return

Forms

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Review Your Return for Accuracy

Double-check all information to avoid errors that could delay your refund or result in penalties. Verify income amounts, social security numbers, deductions, and credit claims.

Choose a Filing Method

File Your Tax Return

Once your return is ready, file it with the IRS by April 15 (or the next business day if it falls on a weekend or holiday).

  • E-File: Electronic filing through IRS-approved providers is fast, safe, and offers confirmation of receipt.
  • Mail: If filing a paper return, ensure it’s postmarked by the deadline.
Determine Your Deductions and Credits

Pay Any Taxes Owed or Track Your Refund

If you owe taxes, arrange payment by the due date to avoid penalties. Payment options include direct debit, credit card, check, or payment plans.

If expecting a refund, you can track it using the IRS Where’s My Refund tool. Refunds are typically issued within 21 days of filing electronically.

Annual Tax Returns

Maintain Records of Your Tax Return

Keep a copy of your tax return and supporting documents for at least three years, as the IRS may request them for audits or amendments.