Tax Filing
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When Do I File?
April 15 (or the soonest business day if it falls on a weekend) is the key date here. That doesn't mean you can't start early. Remember to postmark the tax return you'll be sending by the deadline date, by midnight at the very latest. Give allowance for delays or other problems.
What's My Filing Status? Am I exempt?
Find out if you're going to file married (jointly or separately) or single, resident alien or non-resident alien, exempt or non-exempt. Also find out about your personal dependents, wherein everyone else is qualified except your spouse.
Remember that when filing jointly, both signatures are required on the form. If this is not possible, attach special representation or authorization for this.
What Information or Documents Shall Do I Need?
Social security, visa, and passport numbers, as well as TINs, will be mentioned in the forms.
What Should I Calculate?
You'll need to calculate the following:
- Income (an estimate will be provided by the Form W-2 sent in by your employer). Some part of your income may not be taxable.
- Deductions either standard (a flat rate) or itemized. Certain forms do not allow for itemized deductions, so choose carefully.
- Credits and additional taxes.
Once you've thoroughly examined which contribute to the taxes you have to pay, check too the amounts you've already paid (according to your withheld taxes, for example). At times you may have taxes overpaid, so these can be refunded (read more in Tax Refunds). Likewise, recall if you have any unpaid dues.
What Forms Should I Use?
It is a good idea to start with "the long form," that is, Form 1040, and choose whether Form 1040A or Form 1040EZ suits you better. If you are a non-resident alien, you'll be using either Form 1040NR or Form 1040NR-EZ. Remember that Form W-2 and Form 1099-R must be accomplished and attached with your 1040, whichever flavor that is.
If you're not too sure which one is best suited for you, try reading Tax Forms Explained. Accompanying instructions are also available in the IRS website (visit the article for links to those downloadable files), and as you go along these instructions will mention additional forms you need to accomplish and attach in your return.
Where Do I File?
Check the IRS website's Where to File Addresses for Individual Taxpayers By State [link] or the Where To File main page [link] to find out where you should file from your location.
Thinking of filing electronically? Visit the IRS e-file page for more information [link]. You may also want to check out Tax Preparation Software to make your tax preparation simpler, easier, and faster.
Extensions
If it is not possible for you to file by the due date, you can request for an extension by filing Form 4868; this entitles you to an automatic 6-month extension on your filing. Remember this, though: (1) an extension of filing does not equal an extension of payment—any taxes unpaid or paid late have interest, not to mention penalties; (2) you must send the said application for extension form by the due date of filing of tax returns.
While it all seems so quick and simple, the idea in filing, as well as in preparing for tax returns is not to be careless. For tips, head over to Tax Tips.
For more detailed information about filing, read Topic 301 - When, Where, and How to File [link].
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