Every year several people search for how to file taxes online. For a vast majority of people, filing taxes can be a daunting task. To make this complicated process easier, we have compiled a cheat sheet to simplify the tax filing process. This guide will tell you simple ways to file your taxes on your own.
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What are the provisions to file tax?
The best provision for income tax filing is the federal tax website. You can also file the tax via internet banking. There are three methods to file taxes such as: fill out IRS Form 1040/ 1040-SR manually and mail it, use tax software to file taxes online, or recruit a human tax preparer for tax filing.
On what factors do tax filing depend?
The filing of a tax return 2021 will depend on your age, tax filing status, and income. It also depends on whether or not anyone else can entitle you as a tax dependent.
What is the date to file a tax return for 2021?
Can I file taxes with no income and when to file taxes are common concerns among people? Yes, you can file an income tax even when you don’t have income but want to get a refund due to tax deduction of your existing bank balance.
The IRS has decided the beginning date of tax filing as Feb. 12, 2021. This is the date when the previous year (2020) tax returns will start to process.
Who needs to file a tax return?
A majority of people who earn income in the U.S. have to necessarily file a tax return. Is gross income before taxes is more than the value of the standard deduction, which was $12,400 for an individual in 2020, then you will require to file a tax return.
Here is the income limit to file taxes in the US.
|Filing Status||Gross Income||Age|
|Single||$14050||65 or older|
|Married filing jointly||$24800||Both spouses under 65|
|Married filing jointly||$26800||One spouse 65 or older|
|Married filing jointly||$27,400||Both spouses 65 or older|
|Married filing separately||$5||All ages|
|Head of household||$18,650||Below 65|
|Head of household||$20,300||65 or above|
|Qualifying widow(er)||$24,800||Below 65|
|Qualifying widow(er)||$26,100||65 or above|
The above list will give you an idea of when are income taxes due. Refer to the list to determine whether or not you are entitled to pay taxes.
Gather tax filing information
To file income tax, you need to gather income proof, and expenses that could be tax-deductible or get you a refund, and proof of taxes that you have already paid tax throughout the year.
W-2 Form: This form calculates income after taxes by analyzing your earnings in the last year and how much income is already paid in the form of taxes.
1099 forms: It is a record that some person or entity other than the employer paid you money.
- Contributions to a retirement account
- Mortgage interest and taxes on rental income
- Charitable donations
- Unreimbursed medical bills
- Last year’s state and federal tax returns
Filing a tax return is not very complex in the US. The above will surely make it easy to understand and execute the tax filing process.