The information in this article is up to date for tax year 2024 (returns filed in 2025).
It’s time to tackle your taxes. The sooner you file, the quicker you can receive your tax refund. Additionally, filing early reduces the risk of identity theft and fraudulent returns. Here are 5 essential tips to keep in mind when doing your own taxes.
Maximize Accuracy with Tax Filing Software
We understand the desire to save money by doing your taxes yourself. However, preparing your return by hand increases the likelihood of errors compared to using tax filing software. Even a minor mistake on your return can delay your tax refund for weeks or months. Using tax software like ezTaxReturn can help you file with precision by automating calculations and preparing the necessary forms. With step-by-step guidance, you’ll be sure to claim every tax credit and deduction you qualify for. No tax knowledge needed. Tax software offers a cost-effective alternative to hiring a tax professional, providing speed, ease of use, and accuracy, ensuring your tax filing process is as smooth as possible.
Ensure You Have All Your Tax Documents Ready
Before you sit down to do your taxes, it’s important to get organized. Having all the necessary documents related to your income tax return readily available will make it easier to take advantage of every tax break you deserve and file an accurate return. Some key documents you should gather include your W-2 forms from employers, 1099 forms for any freelance or contract work, and documentation of any other income sources such as investment income or rental properties. Additionally, keep records of deductible expenses, like mortgage interest statements, student loan interest, and receipts for charitable donations. Use our checklist to gather the rest of your documents, ensuring a smooth and efficient filing process.
Know Your Filing Status
Understanding your filing status is crucial when preparing your federal income tax return. Your filing status determines your tax rates, deductions, and credits. The IRS recognizes five filing statuses, and each has specific criteria:
- Single: This status is for individuals who are unmarried or legally separated and do not qualify for another filing status.
- Married Filing Jointly: Married couples can choose to file a joint tax return, which often provides more favorable tax rates and deductions.
- Married Filing Separately: Married couples may opt to file separate tax returns, which can be beneficial in certain situations, such as when one spouse has significant medical expenses.
- Head of Household: Unmarried individuals who pay more than half of the household expenses and have a qualifying person living with them can use this status for potentially lower tax rates.
- Qualifying Widow(er): This status is available for a widow or widower with a dependent child, allowing them to use the same tax rates as Married Filing Jointly for up to two years after the spouse’s death.
Review your filing status annually to ensure you are maximizing your tax benefits on your income tax return.
Tax Credits and Deductions
Tax credits and deductions can significantly reduce your tax liability, making them essential to consider when preparing your tax return. Here are some common tax credits and deductions you should be aware of:
- Child Tax Credit: This credit provides up to $2,000 per child under the age of 17, directly reducing the amount of tax you owe.
- Earned Income Tax Credit (EITC): Designed for low-to-moderate-income working individuals and families, the EITC can provide substantial tax relief.
- Student Loan Interest Deduction: If you’ve paid interest on student loans, you can deduct up to $2,500, reducing your taxable income.
- Mortgage Interest Deduction: Homeowners can deduct interest paid on a primary residence or second home, which can lead to significant tax savings.
- Charitable Donations Deduction: Donations to qualified charitable organizations can be deducted, lowering your taxable income.
Taking advantage of these credits and deductions can help you get the most out of your federal income tax return.
Take Advantage of FREE Customer Support
Let’s face it, doing your own taxes can sometimes feel like you’re trying to solve a Rubik’s Cube blindfolded. That’s why having access to free customer support is a total game-changer. Sure, less than 10% of ezTaxReturn customers reach out for help, but knowing you can get answers when you need them is like having a safety net. Whether it’s a quick phone call, an email, or a deep dive into our FAQ’s, we’re here to make sure you’re never left scratching your head.
Know Where to Find Last Year’s Adjusted Gross Income
When you file your taxes online, it’s important to have your prior-year AGI handy. This figure is located on the tax return you submitted last year, specifically on line 11 of Form 1040. If you filed late or didn’t file at all, simply use $0 as your prior-year AGI. For returning ezTaxReturn users, the prior-year AGI will automatically populate, streamlining the process.
Meet the Filing Deadline
Meeting the filing deadline for your federal income tax return is crucial to avoid penalties and interest. The deadline is typically April 15th, but if you need more time, you can file for an automatic six-month extension. Here are some tips to ensure you meet the deadline:
- File by April 15th: Submitting your return by this date helps you avoid penalties and interest on any tax owed.
- Request an Extension: If you need more time, file for an automatic six-month extension, giving you until October 15th to complete your return.
- Pay Any Tax Owed: Even if you file for an extension, you should pay any money owed by the original deadline to avoid penalties and interest.
- Use Tax Software: Using tax filing software can ensure your return is accurate and filed on time.
By staying on top of the filing deadline, you can avoid unnecessary complications and ensure a smooth filing process.
File Your Federal Return FREE
Why spend more when you can file your federal return for free with ezTaxReturn? If you’re eligible, you can benefit from our FREE simple federal return offer. It’s like enjoying a VIP experience without the high cost! We believe that filing taxes shouldn’t be expensive, particularly if your tax situation is straightforward.
So, why not save some money and file with confidence? With ezTaxReturn, you can ensure your tax return is accurate and timely, steering clear of any unnecessary IRS penalties or interest. Let’s make this tax season hassle-free!
The articles and content published on this blog are provided for informational purposes only. The information presented is not intended to be, and should not be taken as, legal, financial, or professional advice. Readers are advised to seek appropriate professional guidance and conduct their own due diligence before making any decisions based on the information provided.
