AUSTIN CALDWELL
26/01/2025
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09:36
CSTThe wait is over and the tax season officially begins on January 27 and will run until April 15, 2025, a period in which the Internal Revenue Service (IRS) expects taxpayers to file around 140 million tax returns.Filing taxes can be complicated, but there are already apps that can guide the process such as Free File, a partnership between the IRS and Free File Alliance, which can be used by taxpayers who earn less than a certain income and access free commercial tax software, which offers at no cost other free filing services regardless of income levels.The documents needed to file a tax return with the IRS are Form W-2 from employers, Form 1099 from banks and other parties, and Form 1099-K from entities that serve as third-party payers.It is necessary to have personal information at hand, such as name, address and social security number. In addition, if you have additional income from a trust or real estate, it is also advisable to have the documentation and account statements that were received during 2024.The first thing to do is to check if you need to file a tax return, although according to the IRS, most U.S. citizens or permanent residents working in the United States must do so.It is recommended to create an account online on the IRS website to securely access tax information and then follow the steps listed on the usa.gov page:1. Have in order the forms and receipts that prove the money you earned and the tax-deductible expenses you paid. These include:A W-2 form from each employerOther income and interest statements (Forms 1099 and 1099-INT)Charitable donation receipts; mortgage interest; state and local taxes; medical and business costs; and other tax-deductible expenses if you itemize your return.A list of all the business deductions you had to make sure you maximize your potential refund.2. Choose the marital status for tax purposes, i.e. whether you are married or not.3. The way to file a tax returnWith technological implementations, it is recommended to use tax preparation software to electronically file easier and more accurate returns and faster refunds.It is possible to file your tax return for free with the Free File program, using software from one of the IRS’s commercial partners.If you file your return by mail, the IRS may take four weeks or more to process it.4. Choose whether to file your taxes through the standard deduction or itemize your return.5. If you owe money, you need to learn how to make an online tax payment, and you can apply for a payment plan. You can also pay taxes by check or money order.6. File your tax return before the filing deadline.
