How to Self-Prepare Income Taxes
- 1). Consult the IRS Tax Topic "Which Form--1040, 1040A or 1040EZ?" (link in references). This web page will help you determine which of the personal forms you must file with the IRS. If your finances are very simple and you are taking the standard deduction, the 1040EZ lives up to its name--easy and fast. If you are taking the standard deduction but have more complex circumstances, such as business profit or loss (Schedule C), you will need to file the more complex 1040A. If you itemize or if your taxable income is over $100,000, you must file a 1040.
- 2). Download the proper form from the IRS web page (there are links to each form right on that page), or go to your local library or municipal office and pick up a form. If you want to file electronically, navigate to the IRS File Free website (link under resources).
- 3). Fill out the form, using your W-2 form(s) as a reference for your income and tax withholding, adding in personal information, deductions, standard deductions, and other information applicable to you per the instructions on the form. A calculator comes in handy. If you are filing electronically, much of the arithmetic will be done for you online using the "Do the Math" button. For some states, you can file your state taxes with the same online service.
- 4). Submit the form electronically or mail no later than April 15th to avoid penalties. Make sure the form gets a postmark of April 15th or sooner; take it to the post office directly if you are in doubt. Electronic filing will be date stamped automatically. Make sure you keep a copy of the form for your records.
- 5). File your state taxes, if you did not file them automatically in an electronic filing, in the same manner. Forms will be available online at your state's department of revenue website as well as in hard copy at nearby municipal buildings. This comes after the federal filing, as most state forms require information from the federal form.
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