When it’s time to file your taxes, something can get messy. The last year had witnessed some tax reforms and regulations, adding to the confusion. Thanks to technology, you don’t have to hire a tax professional to get your taxes in order and pay a heavy price. It’s now possible to file your taxes online without using a single paper in the process. Online or not, you probably will never find anyone who enjoys filing their taxes. No one likes to be bombarded with tax forms named W2 or 1040EZ. But you’ll find yourself maybe a bit more motivated when you’re able to get some of the refunds that can make the process a bit worthwhile. Even the most complicated tax forms are now easily available online and can be used for a smoother tax-filing process.
Know the Deadline
April 15th is the date which most people have to file their taxes before; it’s common knowledge at this point. But depending on your state, that date can easily be on a weekend or a holiday and can cause it to be delayed for a couple of days, never earlier though. When you’re already late, knowing the deadline can make a difference as it can provide you with some leeway to build a form quickly online and submit as soon as possible.
Have Your Paperwork Ready
Whether you’re submitting W-2, W-2G, 1099-B, SSA-1099, or any other type of form online, you need to make sure you have all the information ready and on standby. You can surely create w2 forms easily online, but you can’t submit them unless you have all the information that should be filled in the form. A P60 form is helpful as it details the income and the income taxes you’ve paid for the year; you can get that from your employer.
Know the Form You Need
When we’re rushed, we tend to forget important information. Going around everywhere obtaining information can be overwhelming, but you can set your priorities straight by figuring out which forms you need exactly. The most common form is Form 1040 which is a standard federal form that is used to report income, total claim tax deductions, credits, and even the tax refund of the year. There are more schedules and IRS forms that you need to familiarize yourself with, but Form 1040 should be a priority.
Visiting websites that help you easily create tax forms is one thing, but knowing that you’re secure on these websites is another. During tax season, cyber criminals can sometimes lurk in muddy waters waiting for unsecured victims to visit unsecured websites to steal their information. Be aware of the ads on websites that provide their services for free as they can be quite intrusive. Your computer or phone has access to a lot of sensitive information. You want to install internet security software that proactively protects you from identity theft.
We know filing taxes are no fun but someone has to do it. If you don’t have an accountant then you’re in luck because you can file them online and you readily have the forms at your disposal. Make sure to keep up with the deadline and it should be smooth-sailing from here.
Related article you might find interesting: “What is Tax?”