Filing an income tax return is both a federal and a state requirement. If you’re lucky enough, then you will qualify for money back. There are many ways accessible to file an income tax refund, and the most used method would be through the online services. Such services often ask for a fee but it sure is worth it. This fee will serve as your payment for using their software, which helps you fill out the forms and transmit the completed form to the Internal Revenue Service. Here’s a step by step guide for the first-timers.
Do you really need to file a return?
If you get used to working then file a tax income return during a certain time of the year, and you suddenly lost your job, it’s just typical for you to unconsciously file a return without thinking if you really need to. This will only bring you hassle, thus you should first determine if you really need to file. Being jobless for the past year is a sign that filing a return is not necessary.
Gather all the pertinent information
If you need to file a tax income return, the next step is to gather all the information needed, first and foremost your personal information. This includes your social security number as well as the SSN of your dependents. You will also need your complete address, valid driver’s license and phone number.
Your financial information is also considered important, so you should also get hold of your W-2s and other 1099 forms. These are typical forms you have received from your part employers.
You should then determine if you’re eligible to file your income tax return for free. There are certain requirements set by the Internal Revenue Service that will serve as the basis if you can qualify or not. This free filing is often authorized by a partner corporation.
On the contrary, if you don’t qualify for a free filing of income tax return, you can utilize other authorized e-file company that can process your tax return.
Submit your return
Once you’ve filled out all the essential information, you will then submit your income tax return. It’s very vital to double check all the details you filed and all the pertinent documents before submitting it. There are many options to transfer your return; however there is no assurance that using a particular option will submit your information quickly and safely.
Filing an income tax return is something that may not matter to some people, but for many individuals who are experiencing financial crisis, this is one big deal. It would be a big dilemma as well if you do the filing in a wrong way. Not only will it irritate, because most probably you’ll have to start all over again, but it will also be bothersome for the part of those who will process your papers.
Whether you’re used to filing an income tax return or not, it’s wise to conduct your own research prior to making the first steps. This way you can keep yourself updated on any changes.