How to File an Individual Income Tax Return Form
Have you earned enough money in the past year that you will have to file a tax return? If you have never filed your own return before, this can seem like an overwhelming task. What do you need to do?
First, relax and be confident that it isn’t as bad as it may seem. Millions of people file returns every year, and each year the IRS helps simplify the process, especially for first time filers. So, you will be okay.
Then, once you’re at ease about doing it, also know that you will receive much or most of what you need for filing from other sources. If you were employed, you will receive a W-2 form from your employer. If you had interest in bank accounts or CDs, the financial institution will mail you a 1099 form. If you have a mortgage, the lender will send you a statement of the interest you paid, and so on.
Most of what you need to keep track of yourself is for your own business. If you didn’t own a business, you may not need to produce any of your own records. If you did, you should already have a good accounting of your income and expenses for the year, and you only need to decide what is required to count as income and what is allowed as deductions.
Once these things are in place, most of your work is done. The biggest thing left is to decide whether you file it yourself and, if so, what service you will use to get the forms you need. It’s much easier to do it yourself than you might think.
With services like TurboTax Online, everything is at your fingertips. The task may seem overwhelming, but like many others, you will find you just need to get started and you can do it!