Filing your taxes doesn’t have to be the painful experience it’s made out to be. In fact, if you’re on top of your tax information and filing, it can be a relatively stress-free process.
Much of the anxiety surrounding taxes comes from the fact that not many people learn about taxes in any meaningful way. If you’re feeling the heat of tax season and want to be a little informed, you came to the right place.
We’re going to take a look at 11 helpful points of information about filing your taxes in this article. Let’s get started.
Learn About Taxes: 11 Things You Should Know
Before you get started with this information, remember that none of it is too complicated to understand. We’re going to make things simple because taxes don’t need to be difficult to get through.
1. You’re Owed W2s
If you’ve worked for an employer in the past year, that employer is obligated to send you W2 forms before January 31st of the following year.
You should be sent or given these forms, and it shouldn’t be too hard to request them from an employer.
2. Filing Online is Simple
Doing your taxes online is extremely simple, and it’s often a great way to optimize the return you get. A lot of the websites that file taxes for you can scan your options for shortcuts and the extra money you wouldn’t otherwise get.
3. Self-Employment Taxes are Different
If you’re self-employed to any degree, your tax situation will be different. You’re owed a 1099 form by any employer that paid you $600 or more in the previous year.
Additionally, self-employed people usually end up paying in because no taxes are taken from their initial wages.
4. Filing is Crucial
Even if you know you can’t afford to pay your taxes, you still have to file them. Avoiding taxes because you can’t pay is worse than not paying.
While you can find payment plans and options for repayment, failing to file your taxes can lead to fines and other potential penalties.
5. You Can Sometimes Use Pay Stubs Instead of Forms
If you get to tax time and you’re still missing a W2 or 1099 form, you may get to use your last pay stub.
This company offers some more information on the process of filing in this way.
6. Follow Due Dates
Taxes are generally due on April 15th. That means you have to file them by that time — even if you don’t have the money to pay.
Failing to file your taxes will only lead to more stress and complications, so we recommend getting it done!
7. You Can File an Extension
For those who don’t have the time or energy to file their taxes by April 15th, extensions are available.
Extensions push out your filing date to October 15th of the same year, giving you a good chunk of extra time.
8. Don’t Forget Write-Offs
Your fiscal year is probably filled with write-off opportunities. If you haven’t paid attention to tax write-offs yet, it’s time to start.
If you have paid attention and used them, make sure to keep track of them so you don’t miss out on them at tax time.
9. Failing to File Has Consequences
Failing to file your taxes can lead to reduced refunds, garnished wages, collections efforts, and even revoked passports.
Make sure to be in contact with the IRS if you’re having trouble filing or paying your taxes.
10. Learn How to Do Your Taxes
A lot of us rely on our parents to do taxes. This is a bad idea because it prevents you from ever learning how to complete the process yourself.
Work through your taxes with someone you trust the first few times, but make sure you understand how to complete them on your own.
11. You Can Work With Professionals
If you’re new to the process of doing taxes, you may not know that you can hire someone to do them for you.
For a relatively small fee, a tax professional can ensure that your paperwork is squeaky-clean and gives you the best refund possible.
Need More Information?
It’s important to learn about taxes so you can be self-reliant and stay in good financial standing. Taxes are a year-round effort if you want to do them right, and we get that it can sound frightening.
If you’re looking for more information about taxes and how to handle them, explore our site for the help you need.
