Filing Your Taxes
As a responsible citizen, it is your duty to file your taxes. The only circumstances where you do not have to file for taxes are if you are not earning an income or if you are dependent. Otherwise, you are supposed to file your taxes. Different countries have different cut-off dates before which you are supposed to file your taxes. In the United States, the date by which you have to file the preceding year’s tax returns is 15 April every year.
There are specific forms which you can use to file your taxes. The form you usually fill is the Form 1040. You may also be required to fill some other forms that are different versions of Form 1040, such as 1040EZ or 1040-NR. Other forms that you may have to fill include Form W-2, Form W-4, and Form 1099.
There are certain tax rates that apply for you, and also certain deductions that you are eligible for. The specific tax rates, as well as the deductions applicable, are based on the type of status under which you are filing your taxes. You should know which status is applicable to you before you actually file your taxes, out of the five statuses available – Single, Married Filing Jointly, Married Filing Separately, Head of Household, and Qualified Widow or Widower.
Earlier on, the process of filing your taxes involved a lot of paperwork, and was cumbersome. With the arrival of the Internet, the stress is now on a paperless procedure of filing your taxes. This is done by the process of electronic filing. There are quite a few advantages that electronic filing gives you over the standard manual filing procedure. You can file faster, and expect any refunds that you are entitled to faster as well. Electronic filing also reduces the margin of errors and is a convenient approach to filing taxes.
The IRS offers E-file, a secure and reliable means of filing your returns electronically and online. Most states in the United States, including the District of Columbia, allow you to use E-file to file both Federal and State taxes. Besides E-file, electronic payment of your taxes is possible through your credit as well as debit card as well.
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