IRS Checklist to File Your 2022 Tax Return
Every taxpayer must file a complete and accurate tax return. Unfortunately, there are many people who do not have a clear knowledge of what documents are needed while filing your tax return. This is a list of basic documents.
1. Gather the following:
If you are a full-time employee, your employer should send you a W-2 form before the end of January. This form reports your annual earnings and the amount of taxes withheld during the same period.
If you are self-employed, you will most likely receive a 1099 form. This form is received from the different companies who paid you for services rendered.
If you are a college or university student, you will receive the 1098-T form. This form verifies the amount paid for tuition as well as any scholarships or aid granted.
If you are a homeowner paying a mortgage, the bank will issue a Form 1098-INT. Where the amount paid in interest is summarized.
If you use the health Marketplace for your health insurance, you will receive Form 1095-A.
You should also include information about charitable donations and medical expenses.
2. Choose your filing status.
The filing status in which you file your taxes is important. You will qualify to different deductions and credits depending on the filing status and family size.
3. Determine if using the standard or itemized deduction.
While filing your personal taxes, you can choose between using the standard or the itemized deduction. The standard deduction is a fixed amount allocated by the government. This amount is adjusted annually for inflation and varies based on marital status, age or disability. The itemized deduction is convenient when the expenses to be declared exceed the standard deduction. These expenses include a variety of expenses such as mortgage interest, local state and income taxes, property tax, medical expenses, and any charitable donations to approved entities made during the fiscal year being reported.
4. Choose a Tax Preparer Carefully
You should choose your tax preparer carefully, try to use the services of established companies that provide support the whole year and stay clear of pop-ups or temporary locations to file your taxes.
5. You must file your return by April 18, 2023
The deadline to file your tax return is April 18, 2023. Those taxpayers who request an extension to file taxes will have until October 16 to do so.
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