It\u2019s that time of year again — tax filing season. For some, this time of year means a nice tax return. For others, it means a nice chunk of change leaving the bank account.<\/p>\n
While most people don\u2019t enjoy the mandatory income report, there are a few ways to make the process easier. Here are some of our tips to make filing taxes as simple as one-two-three.<\/p>\n
Determine if you need to file and what your filing status is<\/strong> Know the deadline to file<\/strong> Review your returns<\/strong> Gather documents and social security numbers<\/strong>
\nFirst, determine whether or not you are required to file a federal income tax return. You can do this by using the Internal Revenue Service\u2019s (IRS) online Interactive Tax Assistant<\/a>. Next, determine your filing status. There are five options: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child.<\/p>\n
\nThe due date for filing 2017 taxes is April 17. Keep in mind that while there’s no IRS deadline for overdue tax returns from the previous year, you still must file a tax return within three years of the original due date. If you owe the government money, the IRS can charge you penalty fees plus interest. Luckily, you can set up a free payment plan<\/a> to repay the IRS within four months (or 120 days).<\/p>\n
\nSince a lot of the information is the same as previous years, looking at your past returns can help you when you start filing this year\u2019s taxes.<\/p>\n
\nThis step might seem overwhelming, but it will make the process so much smoother to have everything in one place. Gather all the forms from your employers (such as W-2 forms), banks, universities, and student loans institutions before getting started.<\/p>\n