Filing your tax return can be complicated. We’ll show you how to prepare your taxes and file your tax return, including what tax forms and documents you need to file your taxes, what forms are needed for tax credits and tax deductions and even how to find last-minute tax deductions. The best part is that you may be able to file your taxes for free.
Filing your taxes isn’t fun, but it doesn’t have to be a complicated process or take a long time. If your situation is fairly basic, you can file your taxes in less than half an hour. Of course, the more complicated your situation, the longer it may take, and you may even wish to hire a tax professional to assist you.
Regardless, you can make the process faster and easier by using a checklist to gather your paperwork and other records. It’s a good idea to make sure you have everything you need before starting your tax return. This includes your required tax paperwork, account numbers if requesting an electronic refund, and the tax software program to make the job easier.
Let’s take a look at everything you need to prepare your taxes and possibly even find some last-minute tax deductions.
Gather Your Personal Information and Tax Forms
This is the most important step for preparing your taxes. Gathering the required paperwork before you start will prevent you from starting and stopping your return while you go look for documents you may have forgotten. That’s why I recommend having a tax prep checklist before you start your tax return.
Over the years, I’ve created my own checklist for personal use, based on my previous tax returns. Here is an overview of my tax organization system. Feel free to use my system, or create your own if you don’t already have one. Some tax software companies also offer tax preparation checklists that you can download from their sites. Be sure to look for those if you need other ideas.
What Information and Tax Forms You Need
Gather all the personal information for yourself and each of the dependents who will be on your tax return (if applicable). Make sure you have the full name, birth date and Social Security number for each person on your tax return. You will also need records of your income and tax deductions and a copy of last year’s tax return. Note: Most tax software companies, such as H&R Block and TurboTax, make it easy to import a PDF copy of last year’s tax return.
Some military members may have special tax considerations. Check out these military tax tips to help you understand some situations you may face when you file your taxes and what forms you may need.
The following are examples of the tax forms or information you may need. Use this as a starting point because each situation is unique.
Common tax forms for income (this is not an exhaustive list):
- W-2 (from your employer)
- Savings and investments: Forms 1099-INT, 1099-DIV, 1099-B, 1099-S, 1099-SA, etc.
- Retirement income: Form 1099-R, 1099-SSA, etc.
- Self-employment income: 1099-MISC or 1099-NEC
- Copies of any other 1099s you may have received
- Records of any other income you received, as well as associated expenses, if applicable
Common tax deductions and related forms (this is not an exhaustive list):
- Charitable contributions
- Mortgage interest: Form 1098
- Other Form 1098s
- Proof of health insurance Form 1095-A, 1095-B and/or 1095-C
- Child care expenses
- Any other expenses that may be tax-deductible
- Any applicable military expenses
When are tax forms available? Most tax forms are sent out by the middle or end of January. Some tax forms are released later in the tax season. So watch your mailbox and/or your online accounts for more information. Most military tax forms are released by the end of January.
Determine How You Will Prepare Your Taxes
You generally have three options for filing your taxes: Paper, tax preparation service or tax prep software.
My preferred method is filing electronically, either with a tax preparation software program or a professional tax preparation service. But the latter is only necessary for very complicated situations.
The vast majority of tax returns can be filed with a commercial tax software program, such as H&R Block Online. If you have a basic tax return, you may be able to file for free with H&R Block.
Filing a paper tax return is no longer the preferred method for most people. Paper returns take longer to process and are more prone to errors (either on the preparation side or when processed by the IRS). You are also more likely to miss money-saving tax deductions. Finally, the longer it takes to process your return, the longer it takes to process your refund if you have one coming your way.
Most tax software programs are faster and easier to use and will often help you find ways to save even more money than if you do your taxes by hand. For most situations, using tax-preparation software is the easiest and most cost-effective method.
Look for Last-Minute Tax Savings
You may be able to save on your taxes up to the time you file your return. Make sure you have taken advantage of all last-minute savings, such as contributing to a tax-deductible IRA or a self-employed retirement account, if you are eligible.
Most commercial tax software will also help you find tax deductions you may not have even known you were eligible to receive.
For example, the IRS has reported that approximately 20% of people who are eligible to claim the earned income tax credit (EITC) fail to claim it. That’s one in five people who are missing out on a very big tax credit that can help them save on their tax returns.
Using a tax software program, such as H&R Block Online, will help you identify these potential tax savings and claim them if you are eligible.
File Your Tax Return
Once you have all your paperwork together and you’ve decided how you will file your taxes, it’s time to get started.
Tax software has come a long way in the last few years. The software is powerful enough and easy enough to use that you can even file your tax return from your smartphone or tablet.
Of course, H&R Block still offers an online version and a version you can download for either Windows or Mac. You can easily switch back and forth between the mobile app and desktop version or online app if you prefer to work on a larger screen.
H&R Block makes it easy to import documents such as your W-2. With H&R Block Snap-a-Pic, you can take a picture of your W-2 with your phone and import it to your tax return.
The H&R Block software walks you through an interview process about your income, expenses and financial situation. This information is used to help find potential tax deductions. The entire tax return process is streamlined and easy. It’s also guaranteed to be 100% accurate and get you the maximum refund.
After You File Your Taxes
Your job is almost over. Once you file your taxes, you have to either send the government a check for the amount you owe them or await your tax refund (the latter is better, of course!).
I will also give you one more recommendation: Keep a file of your tax-related documents up-to-date throughout the year. I keep a large manila envelope in my desk drawer and place all relevant documents, forms and receipts in there throughout the year (right after I scan them into a file folder organized by tax year).
This ensures you keep all your tax documents up-to-date throughout the year. It will save you a lot of time when you file your taxes next year. Here is an overview of my tax organization system.
What Are You Waiting For? Let’s Get Started!
Filing your tax return doesn’t have to be difficult. Get started with this tax prep checklist, gather your documents, and then start with your return.
Using a tax prep software program will guide you through a step-by-step interview process to make sure you don’t miss any potential sources of income, tax deductions or other relevant information.
To top it off, H&R Block has audit protection and guarantees both 100% accuracy and a maximum refund. So you can rest easy knowing your tax return is as good as it’s going to get. And, if you qualify, your tax return may be free to file.
You can’t beat free!
H&R Block Online offers several tax return plans, including the following:
- H&R Block Free Online: Free
- Deluxe Online Tax Filing: Starting at $29.99 (best for homeowners and deductions)
- Premium Online Tax Filing: $49.99
- Self-Employed Online Tax Filing: starting at $84.99 (best for investors and rental-property owners)
The best plan for your needs will depend on your overall tax situation. Compare all H&R Block plans to learn more.