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Anything and everything that is not familiar to a person can seem daunting to most. After all, the unknown holds the potential for harm and/or failure. The beginning tends to always be the hardest, but once you are equipped with enough knowledge to prepare yourself with what is needed, the fear can be kept at bay. Here, you can learn how to file your taxes.
Taxes are, by definition, mandatory payments or charges collected by local, state, and national governments from individuals or businesses in order to cover the costs of general government services, goods, and activities. In Thoughts of an American Taxpayer, a book written by Gary Williamson, he states that “All federal and state governments need to use the KISS (keep it simple, stupid) principle when it comes to taxes.” The majority of Americans will surely agree with this, as not all people’s levels of knowledge are different from one another.
A person’s knowledge is shaped by a combination of the following factors: their cognitive abilities, personal traits, practical experience, social interactions, and, most of all, their level of theoretical understanding. Every person’s journey through life is unique in their very own way, which is why it is important to offer education and provide people with information in a way that everyone can understand. With that said, here is a 2024 guide to filing taxes:
Assess whether you must file taxes
Filing a tax return for this year will depend on yourage, income, tax filing status, and other factors, such as whether someone else can claim you as a tax dependent. Aside from that, even if it is not necessary for you to file a tax return, you should consider doing so as you could qualify for a tax break that could help you generate a refund.
Keep in mind tax dates and deadlines
Just like bills, it is highly necessary to know when your taxes are due. For most, mid-April is the deadline for filing a federal income tax return.
Research on how taxes are determined
It is the government that decides how much tax a person owes by dividing their taxable income into chunks, which are more commonly known as tax brackets. On the bright side, no matter which bracket a person is in, they won’t have to pay that tax rate based on an entire income. It is also necessary to keep such matters in mind because they affect one and all of us.
File your taxes in a way that is most convenient for you
With that said, there are three main ways to file taxes, which are the following: Filling out an IRS Form 1040 by hand and mailing it, filing it online using tax software or hiring a human tax preparer to do the work for your utmost convenience.
Stack up on tax filing information
Whether or not you hired a tax preparer or are doing it all by yourself, it is vital in the process of filing taxes to gather all necessary information, such as proof of income, expenses that can be deducted from your tax, and/or any evidence of taxes you have already paid throughout the year.
Pay your dues with the IRS
If you owe any taxes, it is best to pay your dues as soon as you possibly can. With the advent of technology, there are now numerous ways to send money to the IRS. People can now make electronic payments, wire transfers, credit or debit cards, and checks.
It is highly understandable to find the act of filing taxes, but it doesn’t have to be that way! As long as people maintain the right mindset and prepare themselves, they can handle their taxes with confidence. For those who want to dive deeper into the world of taxes, get a copy of Thoughts of an American Taxpayer by Gary Williamson, available in paperback, hardcover, and eBook on Amazon, Barnes & Noble, and ReadersMagnet Bookstore.