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Time To File For Taxes: Get The Most Out of Your 2022 Return
Everything You Need to File For Taxes in 2023
Gather Your Tax Documents
Gather up all the tax documents needed for filing taxes. This includes W-2 forms from employers, 1099 forms from freelancers and independent contractors, bank statements, and any other applicable documents relevant to income earned in 2021. Once you have these documents in hand, you can begin entering your financial information into the appropriate software or preparing a manual return.
Make sure to go through all your bank statements, as well as any other tax documents from the previous year, to ensure that every income source is accounted for. It also helps if you’ve kept any receipts for business expenses throughout the year in order to accurately file deductions on certain items.
In some cases, it might make sense to request copies of paperwork directly from your employer or the IRS. Once you have all the necessary documentation in hand, you can begin filling out the appropriate forms and filing your taxes.
Choose The Best Tax Filing Option for You
Depending on your income status, filing taxes can be an overwhelming process. Take time to research and consider the best filing option that fits your individual needs.
Whether it’s a DIY tax filing software program or hiring a professional to help you with complex returns, make sure the choice gives you peace of mind so you can focus on getting your taxes filed correctly and timely.
Taxpayers can opt to file taxes on their own, utilize a tax filing software, such as TurboTax or H&R Block, get the assistance of a tax pro at one of the many national chains like Jackson Hewitt, or contact an independent tax professional.
Tax filers who earn $69,000 or less can also use a free online tax filing service provided by IRS. Be sure to research all options thoroughly so you make the best decision for your unique financial situation.
Figure Out What You Can Deduct and Credit
There are a variety of different deductions and credits you may qualify for when filing taxes. This year, the earned income tax credit has been revised; be aware of your eligibility when determining the best way to file your taxes. Additionally, you can deduct home office expenses, medical expenses, interest paid on student loans, charitable donations, and many more applicable deductions. Make sure to research all applicable deductions before filing taxes.
Knowing which deductions and credits apply to your unique situation is important. For example, if you are a small business owner, you may be eligible for home office expense deductions, as well has interest deductions on investments made in small businesses. Additionally, make sure to read up on rules related to filing dependents or custodial responsibility. Filing taxes requires lots of attention and diligence – but it pays off when you maximize the amount of money returned back to you after filing.
Volunteer Work
When filing your taxes this year, it’s important to remember to include deductions due to volunteer work or charitable donations you made. The government allows tax-deductible contributions if they are made to a registered charity; these can be deducted up to a certain limit.
This can help reduce the amount of taxes owed, so make sure to keep records and log all your donations to maximize any applicable deductions.
Student Loan Interest (Paid By A Parent)
If you or your parents paid student loan interest in 2022 and the loan was taken out solely for educational expenses, then it may be deductible. However, this deduction is reduced or eliminated if a taxpayer’s income exceeds certain limits; therefore, check with the IRS to make sure you qualify.
Additionally, although parents can pay off a student’s loan and claim the interest deduction, it must be done correctly, as the IRS will consider any loan payment for tax purposes as being made by the borrower (unless there is additional evidence that proves otherwise).
To file for the student loan interest deduction, you must complete IRS Form 1098-E. This form serves as evidence of the amount of student loan interest you or your parent has paid; thus, it must be completed and submitted to the IRS when filing taxes. Once filed, review your tax return carefully to make sure all the information is correct and up to date before submitting it to the IRS.
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