How to Prepare to do Your Taxes
Tax filing time is not a time many people enjoy, except maybe professional accountants. This process is time consuming, confusing and often overwhelming. Preparing yourself in advance is the best way to ease some of the stress associated with process.
- Visit the IRS website. This is a great way to learn about the tax filing process. There are guidelines as to what forms you will need to complete, and there is a frequently asked question section in which many of you questions may be answered. Become familiar with this site and the forms located on the site prior to beginning your filing.
- Obtain proof of income for the year. You need all income reporting documents, such as W2 forms and 1099 forms. Employers have until January 31 to mail these documents out, so be patient with waiting for yours to arrive. Some companies have websites in which you can retrieve these early, so you can ask your Human Resource department about any such websites used at your place of work.
- Calculate your expenses for the year. This can include job related costs as well as donations you may have given over the year. Depending on your filing status, mileage may also be counted.
- Gather your dependent information. If you have children that live with you then most likely you can claim them as your dependent. You can also claim non-children dependents if you provide money for their support. You will need their full names, birthdates and social security numbers.
- Proceed with the process. You can do this by manually completing forms, or you may opt to use an online tax filing system.