Trying to figure out how to file your taxes for the first time on your own? Here are some FAQs on how to files taxes as a beginner.
Can you believe that the time in your life has come for you to figure out how to file your own taxes? So many people struggle with this each and every year but the truth of the matter is that it doesn’t have to be that hard. In fact, just having a simple plan in place will ensure that you can easily file your taxes on time and in an efficient manner to get any money owed back to you as quickly as possible.
If you’re ready to file your own taxes, there are a few tips to keep in mind. This post will help to answer some of the most common questions that people have when it comes to riling their own taxes.
How do I file my taxes for free online?
Did you know that there are some states that you can file your state taxes online for free? You’ll have to verify and see if you live in one where this is the truth but it can be a great way to save money and be able to file your state taxes totally free.
If you’re ready to file your taxes online, there are many great online tax resources such as H&R Block that can be a great resource for online tax filings. TurboTax is also another popular choice as well.
Make certain that you research the ones that you’re interested in before making your choice.
Is it better to use TurboTax or H&R Block?
This all depends on what you’re looking for. There are some people that like to file with H&R Block for the sole fact that they also have businesses in town that you can physically go into and ask questions should a problem arise.
Both have been used by millions of people around the world so you just have to choose the one that fits best with what you need.
How do I file my taxes for the first time?
If you’re new to filing your own taxes, welcome! It’s something that you’ll now be doing for the rest of your life. But the good news is that there are plenty of ways to get it done.
You basically really do have three options for filing your own taxes:
- You can go to the IRS website and file there
- You can use another online resource to have help with filing
- You can hire an accountant to help you with the process.
Any of these options are a great choice and is a good way to get your taxes filed in a quick and efficient manner.
Then check with whatever platform you’re using on what documents you need to file your taxes. Typically, you need your W2 and any proof of income.
What happens if I don’t file my taxes?
If you fail to file your taxes, you’re more than likely going to incur a penalty for your costly mistake. This is going to be a percentage and will accrue over time. Once you finally file your taxes, this penalty will be assessed and you’ll either have to pay that penalty off or it will be withheld from your return once you file.
Benefits of Filing Your Taxes Online and On Time
Now that you know some of the main ways that you can file your taxes, let’s talk about some of the benefits of filing your taxes with plenty of time to spare.
- If you take the time to file your taxes on time, you’re not going to get any sort of penalties. This means that you’ll be in good standing with the IRS
- You’ll get your refund from them a lot faster as well if you’re able to choose direct deposit for your refund. There’s a good chance that you’ll get it back within a very few short weeks.
- Those who choose to receive a paper check are slowing down the process and it just tends to take longer overall to get any sort of refund.
- Also, when you file your taxes online, most companies also do offer you a peace of mind guarantee that they’ll be there to help you should you get audited from the IRS. This is something very important to find out before choosing how to file your taxes.
And once you get the hang of it, you’ll breeze through your tax filings each and every year and find out that there is nothing to worry about at all!
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