How to Do Your Own Income Taxes
Most of the Americans who want to do their own income taxes find it a bit confusing how to obtain the form and which department it should be sent to.
In the United States, April 15 is the date when income tax returns are due. So, you need to put yourself in a position where you can easily figure out how much tax you will be expected to pay and how to prepare the forms and related documents.
You do not have to be an experienced accountant or a tax practitioner to do your income taxes, simple math will do the trick, without the hassle of going to a tax filing company and paying heavy fees.
Instructions
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1
Determine if you are required to file income tax
First off, you need to see how much money you earn in a year. This is the most important factor that helps determine whether or not you fall under tax net. Income bracket for the year 2013 says that single filers will be required to pay 10% tax on up to $8,925 of their income. So, if your income is less than $8,925, you should sit back and relax as you do not have to file any return.
If you’re a household head, $12,750 of income will be taxed at the rate of 10%. There is also a separate bracket for married filers. So, check with the IRS (Internal Revenue Service) first to see what category you fall under. -
2
Collect documents
Once you have decided what type of tax bracket you will be filing under, you should start gathering your financial documents. If you were employed last year, but now want to calculate your income tax, collect pay slips from your record. W-2 form will help you know how much money you have been making in a year. Employers use W-2, explaining the income of each employee. You can contact your employer and ask for the said form. -
3
Get the form
The 1040E form will be the most suitable if you have to file return as a single filer. The form is easily available at the IRS website. Download the form and get hard copy (print-out). Most of the tax forms can also be bought at post offices. -
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Read instructions at IRS website
IRS has made it easy for every filer to calculate their taxes. Read all the instructions regarding your form before you start filling it out.
