Knowing how to do your own taxes can be intimidating. Between the multitudes of forms, receipts, and financial records, it is easy to get lost and/or make mistakes. However, doing your taxes doesn’t have to be a stressful situation. With the right software, you can simplify the tax filing process to make sure you submit everything correctly and on time!
How to Do Your Own Taxes – A Step-By-Step Guide
Choose the Right Guide
H&R Block is one of the biggest companies when it comes to online tax assistance. They have a variety of DIY online tax products to help you file your return. The best part is that the tool is completely free if you are only filing a basic 1040 tax return form.
But what if you have more complex forms to file, like investments, real estate, or self-employed income? In that case, you can upgrade to one of their paid filing products. With any of their tools, you’ll be able to get real-time refund results and audit support at no extra charge.
But from now until April 18th, 2024, you can save on those paid tools! Head to H&R Block and file your taxes today and receive 15% off your DIY Online product.
Gather Your Documents
Before you file your taxes, you’ll need to make sure you have your forms and documents in hand. This could be your W-2 (if you’re employed), your 1099 (if you’re self-employed), or your 1099-G (if you’re unemployed). You’ll also need forms for any other income you’ve made, whether it’s from retirement, rental assets, savings, investments, etc.
Take Note of Credits and Deductions
While doing your own taxes filing with H&R Block’s tools, you’ll see there’s a section for credits and deductions. This is something you don’t want to breeze over, as it could reduce the amount you owe the IRS. Or, in the best situations, it could increase your refund!
Let’s start with the credits. There are many different types of credits you can claim. For example, if you earn under a certain amount, if you’re a parent, or if you pay for education. Deductions, on the other hand, can be subtracted from your income, lowering your income and, therefore, your tax. You can take a standard deduction (which most people do) or an itemized deduction.
Don’t worry if this already sounds a bit confusing. H&R Block will walk you through this entire process and show you options to get your lowest tax.
Review Your Information
After you’ve entered everything into the online tool, you’ll need to review all the information thoroughly. The software will do the math for you, but you should double-check that you have entered all the correct forms. And don’t forget to review your personal info. Things like spelling mistakes or incorrect addresses can significantly delay your filing.
H&R Block also allows you to add a Tax Pro Review once you’re finished. They’ll review your work and look for errors to make sure everything is accurate and error-free. It’s an extra cost (starting at $55) but worth it for having peace of mind.
Submit Your Return
Once you’re ready, you can submit your form to the IRS through H&R Block. You’ll also be required to sign and date your form (you can do all of that electronically through the tool).
If you owe money, then you can pay this electronically when you submit. You can do this with a credit card, from your bank account, or with a check or money order. If you’re expecting a refund, then you can choose how you’ll get your money back (direct deposit is the fastest option).
As you can see, knowing how to file your own taxes can be relatively easy with the right software. But if you’d rather make things even more painless, then you can also hire an H&R Block Tax Pro to do everything for you. You can do this online or in one of their in-person offices. Either way, H&R Block has you covered for whatever tax needs you have this filing season!
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