Read this before you prepare your own tax returns and you won’t have to panic.
Preparing your own tax returns is not as difficult as some people might think. Below are some questions regarding tax preparation that will help individuals prepare and file their tax returns.
Can I prepare my own tax returns?
Anyone can file his or her own tax return. However, not everyone is qualified to prepare accurate tax returns, especially when dealing with complicated tax deductions and tax credits. Professional tax preparers know the best–and legal–way to claim the largest tax refund. If your tax return is straightforward, you will realize that filing is easier than you think. Nowadays, there are many options for great software, which does all the tax calculations after you have answered several questions. If you choose to e-file, these programs can even do that for you.
Can I get free help to prepare my own tax returns?
For those who choose to prepare their own tax returns, but still need help, rest assure there is plenty of assistance available. If the software program fails to answer your questions, you can also call the Internal Revenue Service helpline. Additionally, if your income is low enough to meet certain benchmarks or if you are a senior, there are free tax help services available. Anyone with tax knowledge can also offer to help you for free, but if they are not paid tax preparers, they can’t put their name on your tax return. Local tax preparer’s offices or CPA offices can prepare your tax returns for a fee if you don’t have the time or choose not to do it yourself. That service may cost a couple of hundred dollars on average, sometimes less, if you have a very simple tax return to file.
How do I file my income tax return?
Once your tax return has been prepared, you need to sign it and submit it to the Internal Revenue Service. There are two ways to send your tax forms to the IRS:
- Mail all the tax forms you have just filled out to the IRS
- File your tax return electronically to the IRS
For more information, go online to irs.gov