The prospect of filing your own taxes can sometimes seem a bit stressful. If you\u2019re an inexperienced tax filer, you may not know quite what to expect. If you\u2019re a seasoned filer, annual tax law changes may create new questions for you. It can be stressful not knowing if you have everything you need to file or if there is something that you\u2019ve overlooked. Wherever your experience is, you can nip filing frustrations in the bud and feel confident about filing your taxes easily, accurately, and quickly by coming to the filing process well-prepared. And remember, for maximum efficiency and worry-reduction, this is something to keep up with throughout the year.<\/p>\n
Though the provisions we\u2019ll review below don\u2019t constitute a comprehensive overview of everything a filer might need, they should help to provide a guideline for the majority of taxpayers:<\/p>\n
Personal Identification<\/strong><\/p>\n You can\u2019t file your taxes without a way for the IRS to confirm your identity. For this, you\u2019ll need your social security number, as well as the social security numbers of any dependents you might be claiming. If you\u2019re married, be sure also to have handy your spouse\u2019s social security number.<\/p>\n Income Information<\/strong><\/p>\n Whether you\u2019re working for an employer or are working for yourself, you\u2019ll need documentation of your earned income via a W-2 form or 1099 form. If you\u2019re a traditional employee, your employer is required to provide you with a W-2 well before tax time to use for filing purposes. If you\u2019re a contract worker, a sole proprietor, or any of the multiple designations that refer to various categories of self-employment, you\u2019ll receive a 1099 from anyone who\u2019s paid you for your professional services.<\/p>\n Proof of Insurance<\/strong><\/p>\n If you bought health insurance through the government\u2019s marketplace, be sure to have your eyes out prior to tax time for Form 1095-A. It will be sent to you via postal mail and is a short, simple, easy-to-understand record of your month-by-month premium tax credit information. You\u2019ll need it to claim this credit and reconcile it with any credits already received. (Though this might sound somewhat daunting, when you file online at e-File.com, it\u2019s as simple as populating the proper fields with the information from the form and letting the system do all the work for you, no math skills or guesswork required.)<\/p>\n Credits & Deductions<\/strong><\/p>\n Speaking of credits, if you\u2019ve used licensed daycare providers or other eligible caregivers for any dependents you might be claiming, you\u2019ll want to be sure to have the receipts for these expenses so you can claim the child care tax credit. If you\u2019ve acquired a dependent via adoption, also have on hand records of these expenses, as they too quality for a tax credit.<\/p>\n While tax credits are the \u201cgold standard\u201d for reducing your tax liability (since they directly reduce the amount you owe in taxes, regardless of your income), tax deductions are the second most advantageous way of decreasing your tax burden, so you\u2019ll want documentation readily available for some of the most common deductions you can claim:<\/p>\n Provided you come well-prepared to the process, filing your tax return isn\u2019t anything to feel concerned about. You may have your taxes successfully filed in less time than you take for lunch. Especially if you use E-file.com<\/a>, and from there, it\u2019s just a matter of awaiting your refund.<\/p>\n","protected":false},"excerpt":{"rendered":" The prospect of filing your own taxes can sometimes seem a bit stressful. If you\u2019re an inexperienced tax filer, you may not know quite what to expect. If you\u2019re a seasoned filer, annual tax law changes may create new questions for you.<\/p>\n\n
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