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How to do Your Taxes for Beginners

Filling Income tax seems to be a burden to most people not only because of the constant deductions from our monies, but also  because we usually associate it with sitting through a pile of bills and a calculator in  hand for hours on end. However, we are here to tell you that it does not necessarily have to be so. We are here to educate you on what taxes are, and how they work.Income Tax Returns

A tax simply put is a compulsory contribution to state income exacted by the government on worker’s salary and profits from businesses or put on goods and services. These income tax is collected and used by the government to provide amenities such as health care, security, education, housing etc. for its citizens, which is why every citizen must pay their taxes.

Basically, there are three ways in which taxes can be done.

  1. Filling Taxes Manually: Filling your taxes manually can increase your risks of mistakes, so it should be done with utmost care. Before you can file your tax manually, you have to pick up a tax package from the library or post office. Fill in all fields neatly and clearly, making sure there are no mathematical errors or incorrect data. After carefully reviewing the information written, mail your tax returns on or before the deadline. After mailing, you can then proceed to make payments by credit or debit card, or by mailing a check. If you fail to meet the deadline, you can apply for an extension.
  2. Filling Taxes Electronically: This is done by using an IRS approved computer program. Download or install any of the approved softwares to your computer, and begin to fill in the required fields mostly about incomes and deductions. As with most tax softwares, there is usually a self check option which looks out for errors. Run this feature to ensure there are no errors. You can then file the tax over the internet after carefully inputing your banking details.
  3. Hiring a Professional: If for some reason you cannot file your taxes yourself, you can hire an attorney to help you file your tax. Provide him with all necessary documents as well as a phone number to be reached on. Also, give a time frame when you can come and review the completed taxes. Choose a suitable method with which you want your attorney to file the tax, either electronically or manually.

When filling your income tax returns, it is important to determine how to file. Whatever way you are filing, ensure all information provided is accurate, as presenting incorrect information can lead to penalties worth three times your tax liability. Good luck!

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