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. 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 NEC detailing what you earned. When it comes time to file, you will use those documents to fill out a Form —the IRS form for individual income taxes. Getting 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. Having 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 In general, experts recommend filing tax returns earlier rather than later.
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. There 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. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice.
Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation. We're here to help. Reach out by visiting our Contact page or schedule an appointment today.
Bank of America, its affiliates and its financial advisors do not provide legal, tax or accounting advice. We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. This information may be used to deliver advertising on our Sites and offline for example, by phone, email and direct mail that's customized to meet specific interests you may have.
If you prefer that we do not use this information, you may opt out of online behavioral advertising. There are a few things you can do to make sure your money hits your bank account as quickly as possible:. Avoid filing your tax return on paper. The IRS typically takes six to eight weeks to process paper returns. When you file taxes online, on the other hand, your return should be processed in about three weeks.
State tax filing authorities also accept electronic tax returns, which means you may be able to get your state tax refund faster, too. Have your refund sent by direct deposit. When you file taxes you can have the IRS deposit your refund directly into your bank account instead of sending a paper check.
That cuts the time in waiting for the mail. Track your refund. You can track the status of your IRS refund and your state refund online.
Steps 1. Do you even have to file taxes? Yes, probably. Choose how to file taxes. Understand how your taxes are determined. Gather tax filing information.
Settle up with the IRS. Show More. When can I start filing taxes for ? Do you file taxes in ? File taxes online with tax software. Get started. Free File partner companies may not disclose or use tax return information for purposes other than tax return preparation without your informed and voluntary consent.
Our policy prohibits the use of permanent Internet cookies. These are deleted when your Internet visit ends. Prior year returns can only be filed electronically by registered tax preparers for the two previous tax years.
The IRS does not allow electronic filing for prior year returns through self-preparation websites. You must print, sign, and mail prior year returns.
You can also check the professional organizations many tax preparers belong to. To view your balance owed, payment history or other information from your tax account, create or view your account. Get up-to-date information on your refund. Always remember to print your return after you successfully file online. If you forget to print your return, you can order a free transcript. Depending on the type of transcript you request, you'll get more or less of the information from your return.
To change your bank account information on file, refer to the IRS Procedures guidance, What should I do if I entered an incorrect routing or account number for direct deposit of my refund? You can use Direct Pay to pay your individual tax bill or estimated tax payment from your checking or savings account for free.
Pick an option based on your income. It provides two ways for taxpayers to prepare and file their federal income tax online for free: Traditional IRS Free File provides free online tax preparation and filing options on IRS partner sites. Our partners are online tax preparation companies that develop and deliver this service at no cost to qualifying taxpayers.
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