If you earn a steady income or even an inconsistent one,
you’re likely paying taxes or on the hook for them.
That’s why we created this step-by-step guide for the typical person who wants to learn how to prepare their taxes at home.
Why Do I Have to File a Return?
The IRS considers taxable income as all income from whatever source derived, including gains realized, unless otherwise excluded.
If you exceed the standard deduction, filing your return gives you the chance to reconcile your tax bill with the IRS.
You might have overpaid through paycheck withholdings, entitling you to a tax refund you can spend how you please.
To prepare your taxes on your own, you’ll need to assemble the correct paperwork.
How to File a Tax Return on Your Own
make sure to hold onto anything and everything if the IRS looks for supporting paperwork.
If you plan to take a specific deduction that requires documentation,
Filling it out by hand can be time-consuming, but you’ll have complete control over how you prepare your taxes.
However, math errors can result and are likely best avoided.
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