Step by step guide to filing US taxes

If you’re new to the States, one thing that might have you on the fence is how to file your taxes. It is an important aspect of the Government of the country, as well as the residents of the country, as these taxes are what run the country. When it comes to filing taxes in the US, these are the steps that you should follow.

Know the date

The first step in the procedure is to know the date and mark it so as not to forget it. Generally, the date set is usually on 15th April and the due date on 17th April.

Get the documents

The next step is to gather the appropriate documents to file your taxes and these include W-2s, 1099s, Mortgage Interest Statements, and Investment Income Statements. If you’re set on claiming deductions then you should gather the appropriate documents for those as well. Those documents include Form 8822 (if you’ve moved), SS-5 (If you’ve changed your name), and W-4 (to adjust your taxes based on your new household income). It is always recommended to keep receipts as well until tax time.

Organize the documents

In this step, be like your parent, as organized as possible! In short get 3 files, in one, hold all your income statements, in one, keep all your deductions, and in the other one, keep all the receipts.

File taxes

Once all the above-mentioned steps are done, now comes the time of filing the taxes. But, there’s a question of which filing option to choose from! You can either choose a professional to file your taxes or you can file them by using the tax software or by just doing them yourselves. In case you’re a foreigner and new to the process, it is recommended that you take help the first time and after that, you can do them yourselves when comfortable.

Job done

After all these, the job is done! Make it a point to file any tax-related document as soon as you can and keep a copy of that document. It saves the trouble of bringing the house upside down next time while searching for a piece of a document!

We hope this piece has eased up the process for you and was informative enough! Thanks for reading. Now back to work!

Source: https://www.daveramsey.com/blog/five-simple-steps-to-file-your-taxes

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