1. Money

Filing Your Taxes

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Preparing your tax return doesn't need to be hard or stressful. It just needs to be thorough and accurate. Give yourself plenty of time to work through the tax forms, and you'll have confidence in filing your taxes. Your 2013 tax return is due by April 15, 2014. You can also request an automatic 6-month extension of time to file, making your deadline October 15, 2014.
  1. Choosing the Right Tax Form
  2. Finding the Best Tax Software
  3. Reporting Income
  1. Tax Deductions
  2. Tax Credits
  3. Refunds

Choosing the Right Tax Form

If you are filing your tax return on paper, you should use the simplest tax form you can. This will make your tax preparation easier, and your return will be processed faster.

Finding the Best Tax Software

Tax preparation software can help you file your taxes accurately by walking you step by step through the filing process. The best software programs offer tax planning utilities to help you compare different financial scenarios, prepare financial aid documentation, or maximize your retirement savings. Check out these reviews.

Reporting Income

Documenting your taxable income is the first step in creating a thorough and accurate tax return. Here's what you need to know about reporting your income to the IRS.

Tax Deductions

Did you know that you can claim some deductions without itemizing? These deductions are called adjustments to income, and they are claimed right on page one of your Form 1040. Some of the most popular tax breaks are here, along with some little known deductions that taxpayers should consider.

Tax Credits

Deductions reduce the amount of income on which you must pay tax. Credits, however, reduce your tax liability dollar for dollar. As a result, tax credits are a powerful way for you to minimize your taxes, or even eliminate your tax bill completely.

Refunds

There are several options for receiving a tax refund. You can have the government mail you a check, or the refund can be sent via direct deposit. You can even have your refund sent to multiple bank accounts.

 

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