It’s not that easy to prepare and file your taxes. For that reason, here are tips to help you easily prepare and file your tax returns.
The 2021 tax season is approaching, and you should be ready to avoid errors when filing your tax returns. You need to understand how the process works, and have an idea of what to expect when the season opens. This will ensure that you file your taxes on time and avoid fines from the IRS. To help you prepare and file your taxes easily, here are tips for you.
Know Important Dates, and New Adjustments for the Tax Season
If you want to have an easy time come tax season, you need to know very many things about the season. First, you need to know that the 2021 tax season is likely to be opened on January 27th, 2021. This makes sure that you put your documents to support your tax deductions and credits in order. Also, it’s important to note that the season is likely to close on April 15th, 2021. Also, visit the IRS site and research to know if there are new adjustments you need to know. This will help you avoid surprises when the season opens.
Know IRS Forms You Need, and How to Get Them
You will require a wide range of forms to file your taxes depending on your filing situation. If you are filing income tax returns for tax year 2020, you will need Form 1040. This is the new form that replaced form 1040EZ and Form 1040A. However, if you will be filing tax returns for tax year 2017 or earlier, you will require form 1040EZ 2020 which is for unmarried and joint filers with no dependents. Also, you will require form W-2, which you should get from your employers, but you can get it online. There are other forms you may need depending on your filing situations. Most of the forms you can get them online on IRS site, or online tax filing programs like TurboTax and H&B Block.
Prepare Your Taxes Online and Wait to Submit to the IRS
As you wait for the IRS to open the 2021 tax season, you should prepare your taxes. You now know the IRS forms you need, and how to get them. Also, you know when the IRS is likely to open the season. Therefore, get online and prepare your tax returns. H&R Block and TurboTax will help you prepare your taxes early in advance. The online tax filing software will help you access and complete the IRS tax forms you need to file your taxes.
Why Prepare and File Taxes Online?
Preparing taxes using online tax filing program is easy and fast. You just need to answer a few questions, provide essential person information such as social security number, and follow the instructions. The software will guide you step by step in filing the tax forms, and in case you have an issue, there are stand-by tax experts ready to assist you. In addition to that, the software will help you claim all tax credits and deductions you are eligible for. That way, you can get a huge tax refund after filing your tax returns.