Tax time — most people dread it. It seems that, with each passing year, tax codes get more complicated and filling out the tax forms takes more time. The actual filing of the taxes with the IRS or state government, however information at http://www.experttaxassist.com has gotten easier since online filing has been introduced.
What You Need to File Online
To file online, you will need to gather all of your tax information for your tax returns to be prepared. The items you need will include:
• The social security numbers of you, your spouse, and your dependents.
• W-2 forms from any employers.
• 1099 forms for any other income received.
• A list of itemized deductions with receipts.
• Your bank account numbers, if you plan to have your refund direct deposited or to make electronic payments.
Once you have all the information together, you will need to decide whether you will be doing your taxes yourself or have a professional do them for you. If you are hiring a professional, simply take all of your tax information to the professional and inform the preparer that you would like your taxes filed electronically.
If you are planning to do your taxes yourself, you will need a method by which to prepare and send them.
If you are going to prepare and send your taxes yourself, there are several ways to do this. The first is to purchase software created to make tax preparation easy. There are several types of this software. You may want to consider asking others who have used this type of software whether they can offer recommendations.
You can also download software from an Internet site. Sometimes, there is a charge for this type of software; other times, there is not.
Whether you purchase a software program or download one from the Internet, the basic way these programs work is to ask you a series of easy-to-answer questions about your tax information. The software then compiles your answers and fills out the tax forms for you. There should be a link in the software to the IRS site that enables you to easily e-file your taxes.
You can also prepare your taxes directly at the IRS Web site. This is just like filling out your taxes on paper, except that you type-in your information instead.
If you are filing online, you also have the option of paying online. You will need your bank account information so that the money can be directly debited from your account. If you are due a refund, the IRS can directly deposit the money in your account. By filing online and choosing direct deposit, your refund typically arrives much more quickly.
Filing Federal and State Together
Over half of the states have a program that allows you to simultaneously file your federal and state taxes, thereby cutting your work in half. Check with your state or IRS Web site to find out whether your state has this program.