How to Do Your Taxes

Every year there comes a time when we have to face the inevitable: tax season. This week’s how to is going to cover how to do your taxes and how to make the most out of tax season.  

Step 1: Make sure you have all the relevant documents and forms. This includes W-2 forms from employers, interest statements, receipts from charitable organizations, medical and business costs, educational expenses, and any other tax-deductible statements.

Examples of tax forms: Forms & instructions | Internal Revenue Service  

Step 2: Know your filing status. Filing status is based on whether or not you are married, separated, or single. If you are married, you can choose to file jointly or separately. This makes sure you are taxed correctly.  

Step 3: Decide how you want to file your taxes. There are various services you can use to file your taxes. It is recommended to use the IRS website to file your taxes for free if your adjusted gross income is under $89,000.  

The IRS free filing link: https://www.irs.gov/e-file-do-your-taxes-for-free  

Step 4: If you owe money, make a plan on how to pay it. You can pay it online or set up a payment plan.  

Tax payments: https://www.irs.gov/payments  

Step 5: File your taxes by the filing deadline, which is April 15th.