Filing your federal income tax return can seem overwhelming. But you can tackle tax season one step at a time—and avoid rookie mistakes—while you take advantage of money-saving opportunities. Show
1 You need to file a tax return if you meet or surpass certain levels of income
during the year. If you’re employed, look at your pay stub for the “year to date” income—and if you have more than one job, be sure to add up your income from all your employers. Remember to include income from other sources, too, such as money you make on rental property, anything you sell, investments or interest. 2 Stay on top of tax-related paperwork throughout the year; it will make your life easier during tax season. You might want to keep receipts for things like charitable donations, work-related expenses and medical bills, or other items from step 4. You may also
want to keep statements from student loans or investments and any grants or fellowships. Having these handy and organized can help you determine whether to itemize and make the process easier. You should keep your paperwork after you file, too. The IRS recommends keeping records for at least three years. 3 Watch for your income documents to arriveYou should receive forms about how much income you’ve earned from your employers and other income sources in January or February. If you are a full-time employee, you will receive a Form W-2 detailing your earnings, as well as which taxes were withheld. If you work freelance or on a contract, you may receive a Form 1099-NEC detailing what you earned. You may also receive documents showing dividends or interest earned on investments (Forms 1099-DIV or 1099-INT, for example), or student loan interest you’ve paid (Form 1098-E). If you’re a college student (or you have a dependent who is), you’ll receive a Form 1098-T that shows how much you paid in tuition, as well as any amounts you received from grants or fellowships, to help you figure out deductions and credits related to education expenses. You can’t file your tax return until you’ve received a Form W-2 or Form 1099 from every place you have worked during the year. When it comes time to file, you will use those documents to fill out a Form 1040—the IRS form for individual income taxes. 4 Learn which credits and deductions you can takeGetting a sense of which credits and deductions you may be eligible for can help you pull together the proper documentation. Here are a few to consider:
If you think you may qualify for additional credits or deductions, check the IRS website. 5 Mind your deadlinesHaving your tax documents arrive in January or February gives you about two months to prepare your tax return by the usual due date of April 15. Plan the date when you’ll start your return, and make sure it’s early enough that you can plan another session or two in case you need to spend time locating more documents or getting help. In general, experts recommend filing tax returns earlier rather than later. The earlier you file, the better your chances of avoiding tax-related identity theft, a crime that’s on the rise. Plus, if you’re owed a refund, you will get it sooner. Think you need some extra time to file? Generally, you can file an extension giving you an extra six-months to submit your return, usually in October. But if you owe the government money, you still need to pay your tax liability in full by the due date, typically April 15, to avoid penalties and interest. And if you can’t afford to pay what you owe all at once, the IRS offers payment plans. 6 Decide how to file your tax returnThere are several options for preparing and filing your tax return. Learn about each so you can make the right choice for you:
Remember that you may need to prepare and file state or local tax returns in addition to your federal return. What are the steps in the filing process?Filing procedure, maintenance and safety. Step 1: Receiving the document. If it is a letter or document that came through the mail, you record it. ... . Step 2: Action. Forward the letter/document to the person that has to deal with it.. Step 3: Follow up. ... . Step 4: Collecting Documents to be filed. ... . Step 5: Filing.. What are the 5 basic steps for filing?The five basic steps for filing. Conditioning, releasing , Index and coding, Sorting, Storing and filing.
What type of filing system is best used for filing patient charts?In general, most clinics use end-tab shelf filing systems to store patient charts. Shelf systems are the easiest to use, save the most space and are the least expensive to set up and maintain.
What are the 3 types of filing systems?Filing and classification systems fall into three main types: alphabetical, numeric and alphanumeric. Each of these types of filing systems has advantages and disadvantages, depending on the information being filed and classified.
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