A Guide To Tax Filing

Written by on April 3, 2013 in Money - No comments | Print this page


Filling your Taxes

tax filling

If you’re new to filing your taxes, it may seem to be very complicated at first, but the truth is that it’s relatively easy once you understand the ground rules. There are a few things that you can do to make your process seamless and it only takes a little bit of preparation to get everything filed correctly.

Let’s go over some of the things that you should keep in mind when it comes time to file your taxes. Following these tips will help to make your tax filing extremely easy, even if you’ve never filed before.

Should I File a Paper or Electronic Return?

You need to decide which is going to be the best option for you. If you’re not comfortable using computers, or you don’t own a computer it’s probably best that you use paper filing. In most cases electronic filing will be the best bet.

Filing a paper return will take significantly longer than filing an electronic return. You can have your returns deposited into your bank account in about two weeks if you file electronically, but in most cases it’s much faster than that.

Should I Hire A Tax Preparer to Do My Taxes?

This is a question that a lot of first timers ask and it really depends on how comfortable you are doing your taxes. If you’ve never filed your taxes before, it can be very tempting to go to a tax preparer, but that’s not always the best option.

Most people can easily file their taxes the first time around without problems. In some cases, such as if you’re self-employed; you might want to hire a professional to do your taxes for you.

Most of the fees that are involved are taken straight out of your returns, so you don’t have to worry about upfront costs. A lot of online service will offer free filing options for state taxes as well, so that’s something to keep in mind.

What Should I Do to Prepare for Filing My Taxes?

Before you get ready to do your taxes you’re going to need to make sure that you have all of your W2s handy. Now, if you’ve only worked one job throughout the year, you’ll only need one. You should decide whether or not you want to go with standard deductions or if you want to itemize.

You should itemize your deductions if you have kids or have made multiple donations throughout the year. Looking at your previous years’ returns can be beneficial as it will give you some insight as to how you should file your taxes.

Filing your taxes doesn’t have to be a painful process; in fact, it can be very rewarding to complete it on your own. If you take the time to follow some of the information listed above, you shouldn’t run into any kinks at all the next time you file your taxes.

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James Bradford has a broad knowledge in corporate tax planning and has worked in the tax industry for over 10 years.


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