Finance

Guide to filing your income tax returns online

Modern advances in technology have made it possible for taxpayers to file their returns online without having the need to visit a tax filer. Since there are different types of income tax returns, it is important to understand which one is applicable to you. Choosing the right income tax return is the first step to file your taxes online. You may pick the tax form which corresponds to your current income bracket. This also allows you to claim credits, deductions, and the income that are applicable to you.

How to file U.S individual income tax returns
The standard federal income tax form for this is IRS Tax Form 1040, which is also known as the long form. If you are confused about which form to use, you may choose this one. You may download the form on your computer or collect it from a post office or local library near you. The due date for filing the form is 15th April. However, you may be granted a six-month tax extension, but it is advisable to make the payment by the deadline.

Filling out the form
There are step-by-step instructions, which may help you fill out the form, however, you may need to have a number of details ready to be entered. These include a proof of identification, social security number, filing status, residency status, date of birth, and a copy of your past tax return. You may have to provide the statement of wages earned, statement of interest and dividends from banks, and any proof of tax credit or tax deductions/exclusions. You may fill the form as per the instructions and provide the necessary details as and where asked for.

If you are not confident about filing the form yourself, you may seek help from a professional for the same. You may start by understanding the meaning of different terms associated with income tax filing, after which you may be able to fill the details appropriately by yourself. Once the form has been completely filled, you may file your taxes online and make the payment. Do keep in mind that the payment should be done by the due date. There is no extension granted automatically, but you may file for a six-month extension to file your return. It should be noted that a lot of taxpayers confuse the extension criteria and end up filing for an extension without paying their taxes on time.

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