#filing taxes

[alarminglybad]

You let me down, Remy

[reality-detective]

File a 1040-X Form 🤔

[ethereal-el]

Adulting 106

Filing Taxes:

• Gather your personal info and tax forms: Collect your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), along with those of any dependents (like children).

• Gather all forms showing your income from the past year. Employers and financial institutions typically send these out by late January:

◦ W-2: If you are a standard salaried or hourly employee.

◦ 1099-NEC / 1099-MISC: If you did freelance, contract, or side-gig work.

◦ 1099-INT / 1099-DIV: From your bank or brokerage for interest and dividends earned.

◦ 1098-E or 1098-T: For student loan interest or college tuition payments.

• Choose your filing method: Decide how you want to file. Most people use online tax software because it walks you through a simple question-and-answer format:

◦ IRS Free File: If your adjusted gross income is $89,000 or less, you can use for free through the official IRS portal.

◦ Direct File/FreeTaxUSA/TurboTax: Trusted online platforms that guide you step-by-step.

◦ Hire a professional (CPA): Consider this if you own a complex business, have rental properties, or had massive life changes.

• Determine your filing status: Your software will ask you to pick a status. This determines your tax brackets and your standard deduction amount. Choose the option that fits your life situation on December 31st of the tax year:

◦ Single: Unmarried.

◦ Married Filing Jointly: Married and filing a single return together.

◦ Married Filing Separately: Married but filing independent returns.

◦ Head of Household: Unmarried, but you pay more than half the cost of keeping up a home for a qualifying dependent.

• Input your income: The software will prompt you section-by-section. Copy the numbers exactly as they appear from your W-2 or 1099 forms into the matching digital boxes. The software uses these numbers to calculate your Adjusted Gross Income (AGI).

• Claim deductions and credits: Ductions lower your taxable income. You have two choices:

◦ Standard Deduction: A fixed dollar amount given automatically based on your filing status. Roughly 90% of taxpayers take this because it's higher than tracking individual expenses.

◦ Itemized Deductions: Listing out individual deductible expenses (mortgage interest, large charitable donations, medical expenses). Only do this if the total is greater than your standard deduction.

• The software will also check if you qualify for tax credits (like the Child Tax Credit or Earned Income Tax Credit), which directly reduce the amount of tax you owe dollar-for-dollar.

• Review and hit submit: The software will double-check your return for math errors or missing information. Once cleared, it will show your final tally: you will either receive a refund (the government owes you money because you overpaid throughout the year) or you will owe a balance.

• Provide your routing and account numbers for direct deposit (the fastest way to get a refund) or to schedule a payment, then digitally sign and e-file your federal and state returns.

• Important Reminder: The traditional deadline to file your federal income tax return and pay any tax owed is April 15th of each year. If you need more time, you can file for an automatic 6-month extension (giving you until October 15th) using Form 4868, but note that this extends your time to file, not your time to pay any taxes you owe.

[bitchesgetriches]

My Taxes Are a Little, uh, Creative. What's My Risk of Being Audited? • Bitches Get Riches

Enough time has probably passed for me to admit to playing fast and loose with the truth in some very old tax returns. But let’s drape this

My Taxes Are a Little, uh, Creative. What’s My Risk of Being Audited?

This was pretty much how my first tax return after college went…

KITTY: I made $18,000 last year.

IRS: Awesome, give us $3,000 of it.

KITTY: That can’t be right.

IRS: It is.

KITTY: Wh— Bu— I live in one of the most expensive cities in America. I can barely pay rent and put food in my cupboards. The unemployment rate for young people is almost 20%, for fuck’s sake! Surely you wouldn’t charge a flat tax rate on someone so desperate?

IRS: We totally would.

KITTY: Teach me, dear creature, how to think and speak. Lay open to my earthly gross conceit, smothered in errors, feeble, shallow, weak, the folded meaning of your words’ deceit. Against my soul’s pure truth why labour you to make it wander in an unknown field? Are you a god? Would you create me now? Transform me, then, and to your power I’ll yield. But if I am that I am, then well I know I do not have three thousand dollars, bro, Nor to your purse no homage do I owe.

IRS: Ma’am, will that be check or money order?

Keep reading

Did we just help you out? Say thanks by joining our Patreon!

[aunti-christ-ine]

Makes perfect sense

[ksodirty]

Your friendly reminder that taxes are due tomorrow

[blumin-onion]

Daily Doodle Day 214

<- Day 213 | All Days | Day 215 ->

Don't miss the deadline

[somethingusefulfromflorida]

Filing my taxes with a free software, it asks me to confirm my identity by providing them info from my 2022 returns. To access that info I had to create an account on the IRS website which asked me to upload my driver's license and take a video selfie which took over an hour because upload speeds at my apartmemt are terrible, only to be told that my phone number was invalid. I've never used another phone number with the IRS, so now I'm on hold for a video call to do the exact same drivers license/selfie song and dance, but it's Sunday, so I'm 1000% sure that when the "estimated wait time" counter reaches 0 they'll tell me there are no representatives available to do my video call. I'll have to do this all again tomorrow.

Fuck.