How to Do Your Own Taxes (and Save some Money!)

It may seem terrifying at first, but you can learn how to do your own taxes.

Let’s take a look at what forms you’ll need to fill out, tax credits and deductions you can take, and your filing options. You can DO this!

Organize Your Tax Forms

Your first step is to gather all your tax forms. If you work as an employee, you’ll get a W-2 from any jobs you have. Freelancers and independent contractors will usually get 1099 forms. If you work a side hustle, you may also have received a 1099, even if you work a traditional job.

Many individuals will fall into the single filing status. A lot of married couples file jointly, but you don’t have to. And if you own a home and have dependents, you can file as a head of household.

Know Your Status

Look at Deductions and Credit

Next, you can look at the available tax deductions and tax credits. A tax deduction is something that lowers your taxable income, and you want to take as many as you legally can!

One of the most important things to consider, is what method to use to do your taxes. Doing your own taxes can seem complicated, but some methods can make things easier.

Choose Your Method

Online programs let you plug in your information from your tax forms, and they make it simple. For example, TurboTax asks for information with questions like, “What types of income do you have?” If you have simple taxes, such as a W2 and no homeownership, you can use online tax software for free. But if you own a business or do freelance work and have more forms, you will have to pay.

Online Tax Software

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