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Tax software will help you prepare and file your income taxes faster and more efficiently than filling out the long 1040 paper forms. It keeps things organized, provides step-by-step instructions, and calculates how much you owe or how much the government owes you.
“They tend to ask you a series of questions and then walk you back through each section so you can review everything. They then file your return automatically to the IRS,” says Wes Brown, a board-certified financial planner at Cogent Blue Wealth Advisors.
Because tax software automates much of the filing process, it saves time and money while helping to ensure your return is accurate and follows the latest tax laws. Your part is just answering some questions about any life events in the previous year (like getting married or having children) and correctly typing in data off your W-2s, 1099s, and other relevant forms.
The great thing about most tax software is that you need to know prior knowledge about taxes to use it with some of them. Plus, a tax software program may keep you from having to pay a considerable fee to hire a professional accountant, enrolled agent, or another tax pro.
For the most part, the earlier you file your tax return(s), the quicker you’ll get your refund. The IRS begins processing returns in January, and by and large, you will receive your refund in 21 days or less. But you can file as early as you get your tax documents, including your W-2. Filing early also helps prevent identity theft or fraud.
If you chose to get a direct deposit:
You should receive your tax refund in the bank the same day the IRS releases your refund. Depending on the bank, it will typically take three to five days for your bank to process.
If you wanted a prepaid card:
Refunds typically come two days faster than the standard direct deposit.
Taxes near me
- Best Overall: Turbotax.
- Best for Ease of Use: Jackson Hewitt.
- Best Online Experience: TurboTax Live.
- Best for Self-Employed: EY TaxChat.
- Best for Small to Mid-Size Businesses: KPMG Spark.
Most Americans must pay federal income taxes, but what they owe depends on a few factors. We’ll use your info to estimate your filing status and taxable income, then answer the question, “How much will I get back in taxes?”
Feel free to use Turbor Tax income tax calculator. You will need to answer a few questions about your life, income, and expenses. Once done answering the questions, it will calculate what kind of a return you will get or find out if you owe them.
How to file taxes for free
What do I need to file my taxes?
Whether you prepare your taxes yourself or get help from a tax preparer online or in-store, knowing what documents you’ll need at hand can help prevent tax filing errors and possibly lower your tax bill.
- Social Security documents.
- Income statements such as W-2s and MISC-1099s.
- Tax forms that report other types of income, such as Schedule K-1 for trusts, partnership and S corporations.
- Tax deduction records.
- Expense receipts.
What happens if you don’t file taxes?
A Failure to File Penalty of 5% of the unpaid tax obligation for each month your return is late (won’t exceed 25% of total unpaid taxes. … After 60 days, you’ll owe a minimum Failure to File Penalty of $435, or “100% of the tax required to be shown on the return, whichever is less,” according to the IRS.
Can you file taxes without a W2?
Yes, you can still file taxes without a W-2 or 1099. Usually, if you work and want to file a tax return, you need Form W-2 or Form 1099, provided by your employer. If you did not receive these forms or misplaced them, you can ask your employer for a copy of these documents. However, if you can’t get a copy of those you can use form 4852 a “substitute for W-2 form, wage and tax statement.”