How to File Your Federal Taxes

How to File Your Federal Taxes

Taxes are due on April 15, 2019 (April 17 in Maine and Massachusetts). The new tax law has changed many forms, credits, and deductions. Check this page carefully before filing your federal income tax return.

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Infographic: Tax Reform – Big Changes to Credits and Deductions for 2018

Learn the changes that affect you and your family under the tax reform law.

Infographic about the tax reform law's big changes to credits and deductions.

File a Federal Income Tax Return

The federal government uses taxes to pay its bills and provide public goods and services. The Internal Revenue Service (IRS) collects the taxes you owe through withholding from your paycheck, estimated tax payments, and when you file your taxes each year.

Do I Need to File?

You may not have to file a federal income tax return if your income is below a certain amount. However, you must file a tax return to claim a refundable tax credit or a refund on income tax withheld. Find out if you have to file a tax return.

Follow These Steps to File a Tax Return

Note: The new tax law has changed the forms, credits, and deductions you may have used in the past. Learn the basics of the tax law changes.

  1. Gather your paperwork, including
    • A W-2 form from each employer
    • Other earning and interest statements (1099 and 1099-INT forms)
    • Proof of health insurance coverage
    • Receipts for charitable donations, medical, and business expenses
  2. Choose your filing status – Whether you’re married and the percentage you pay for household expenses determine your filing status.
  3. See if you qualify for free tax return preparation – The IRS offers free tax help to people with a low income, military service members and their families, people with disabilities, seniors, and taxpayers with limited English.
  4. Decide how you want to file your taxes – The IRS recommends using tax preparation software for easiest and most accurate returns. You can use free or paid programs to calculate and file your taxes online or get paper forms to mail to the IRS. You can also hire a tax preparer to do your taxes for you.
  5. Calculate your taxes, credits, and deductions – Tax law changes may impact your credits and deductions and the taxes you owe.
    • Add up your sources of income, including salary, interest and investment earnings, and pension or retirement accounts.
    • Check if you are eligible for education, family, and dependent credits for a qualifying child or relative.
    • You may also qualify for deductions for things like mortgage interest or charitable donations. Credits and deductions can lower the amount of your taxable income. But keep in mind, while the IRS has increased the standard deduction for tax year 2018, it eliminated some other types of deductions……..Read More>>

 

Source:- usa

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