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General Information, Tips, and Tools for Successfully Filing Taxes
Personal Information and Documents
- 1099 Forms - These forms are used if you completed any contract work. If you're married, you'll need one from your spouse as well.
- Business Income - Accounting Records if You Own a Business
- Income from both local and state tax returns from the last few years
- Investment Income
- Miscellaneous Income - Lottery ticket winnings, jury duty, gambling winnings
- Rental property income
- Social Security benefits letter
- Unemployment income
- W-2 Forms from all of your employers that you worked for in the past year. If you're married and filing a joint return with your spouse, you'll need their W-2 Forms too.
- Green Energy Tax Credit
- Homebuyer Tax Credit
- IRA Contributions
- Medical Savings Account Contributions
- Mortgage Interest
- Moving Expenses
- Self-Employment Health Insurance
- Student Loan Interest Paid
- Adoption Costs
- Charitable Contributions or Donations
- Education Costs
- Job Expenses
- Medical Expenses
- Moving Expenses
What are the Five Most Common Deductions People Put on Their Taxes?
- Dental and Medical Expenses. You can subtract any medical or dental costs from your income. This usually includes things like a cure, diagnosis, treatment, and prevention of diseases or conditions. Your doctor's fees, treatment costs, and any surgical fees are included as well.
- Home Mortgage Interest. If you pay mortgage interest on your home, you can claim it as a deduction. If you pay over $600 a year in interest alone, you will usually be sent a form that verifies the total amount you paid in. You use this to claim a deduction. Interest on up to $750,000 in mortgage debt is tax deductible, provided the mortgage debt is obtained via origination debt or the debt is taken on to build or substantially improve the dwelling.
- Real Estate Taxes You Paid. You can claim a deduction for real estate taxes paid as long as they are an accurate representation of the property value. This means if you upgraded parts of the house to increase the value, you could only claim the pre-upgrade value for a deduction.
- Charitable Donations. If you donate money to charities during the year, you can claim these expenses paid in as a deduction. You may only claim up to 50 percent of your adjusted gross income, and some states set the cap at 20 or 30 percent of your adjusted gross income.
- Income Taxes Paid. You can claim both state and local income taxes that you paid in during the years. The exception to this is you can only claim the income taxes paid on this income if the income is reported to the Federal government. If it is not, you can't claim this as a deduction. The 2017 Tax Cut and Jobs Act put a $10,000 cap on state & local tax (SALT) deductions.
Who Should Use Form 1040, 1040a or the 1040 EZ Form?
Popular Tax Preparation Software
eFile.com lets you file your 1040EZ return form for free. You have the option of filing individually or jointly with your spouse. State Filing can also be done for a fee of $19.95, and there is a support team available 24 hours a day, 7 days a week to assist you with any questions. You can't claim dependents, make over $100,000 per year, or have a mortgage. The Standard package is free, and the Deluxe and Premium packages cost $29.95 and $39.95, respectively.
H&R Block offers a free e-File option that allows anyone who uses it to import their tax information into their system from any competitors. You are also able to directly upload any tax documents, and file your tax return on any laptop, desktop, or tablet. H&R Block offers three versions for e-filing. The Basic edition is free; Deluxe is $54.99 a year, and Premium is $79.99 annually.
Jackson Hewitt offers several tiered versions of their tax filing software. There are no income requirements to use this software, and you can file both federal and state taxes for free. The free software will only support basic tax information like W-2s, unemployment income, and interest income. If you have any other income like student loan interest or dependents, you'll have to use one of their paid software options. The Basic package costs $39.95, and the next tier is Deluxe at $54.95. The final package is Premium, and that costs $79.95 annually.
Tax Act has free online filing for both state and federal taxes. They also have desktop software versions available as well. Their software works you through the pages using a question and answer format. They give you unlimited email and telephone support for all of your questions. You can track your refund directly once you file. Tax Act offers three versions of their software starting with the Basic free version. They also have a Plus package for $37 and a Premium package for $47 annually.
TaxSlayer enables you to file your 1040, 1040A, or 1040EZ online in an easy step by step process. The software will guide you through each page, and you will input your information when you're prompted. You can get W-2 imports free, and filing your state taxes with the free software will cost $19.99 per year. TaxSlayer also has four packages available for purchase. The Basic is free, Classic is $22.00 a year, Premium is $40.00 a year, and Self-Employed is $55.00 annually.
If you're filing a 1040A or 1040EZ form, you can use TurboTax's free software to submit your paperwork. You simply scan and upload your W-2 form as a file, or take a picture of the W-2, and TurboTax will fill in the right fields. You'll work page by page answering questions about your income, deductions, and dependents, and TurboTax will e-file your taxes once you're done. You have to make below $100,000 to be eligible to use this free software. You also must not have any large medical bills, and you can't claim any business, investment, or rental income. There are 4 packages you can choose from. The Basic package is free, Deluxe is $54.99, the Premier is $79.99, and the Self-Employed is $114.95 per year.
In Person Tax Preparation Agencies & Tools
- H&R Block. H&R Block offers in person tax filing as well as online. You call your local office and schedule an appointment. Your tax agent will block off a half an hour time slot for you. You show up and bring all of your required tax documents. You will also need proof of insurance and a driver's license or identification card. They will ask you questions about your filing status, income information, dependents, and miscellaneous income. Once they input all of this information, they will submit it to the IRS for filing. The filing price goes from around $50.00 up to $140.00 each time you file.
- Jackson Hewitt. Jackson Hewitt is another tax service that offers in person filing options. You call your local office and schedule an appointment and bring all of your tax documents with you when you show up. The tax professionals will fill in all of your information and input it into their system. Once all of your information is correct, they will go over it with you to double check everything is correct. If everything is correct, they will submit it in an e-file, and give you copies of your tax returns for your records.
- Federal Tax Calculator Our above simple Federal Tax Calculator is an easy tool that anyone who wants to know the amount of their federal tax return. You go to the site and input your filing status. You input your exemptions, income, payments, and credits. Once that is done, submit it, and the software will calculate an estimate of your federal tax return. The software also gives you helpful charts and definitions so you can be sure you're inputting the correct information.
Overpayment to the IRS
- You have three years to file an amended return
- Your amended return must be filed on paper; electronic filing is not allowed.
- If you're filing a return for the current year, wait to get that back before you file an amendment.
Overdue Payments
Filing an Extension
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- Lower Interest Expenses: Pay off higher interest rate credit cards & pay for college tuition.
- Leverage Your Equity: Cash out & debt consolidation options available.
- Trusted Lender: Over 170,000 positive reviews with an A+ rating with BBB.
- Flexible Terms: Borrow from 8 to 30 years.