5 Things You Need To Know Before Filing Your Taxes

Everyone dislikes tax season. Although it is unpleasant, tedious, and sometimes stressful, Certified Public Accountants cannot avoid it. Your irritation will be reduced if you know how to prepare income tax forms correctly.To answer all your pressing inquiries about the tax return filing procedure, including questions like "when will I receive my tax return?" this article guides you on What You Need to Know Before Filing Taxes.

Who Must File an Income Tax Return?

Who is required to submit a tax return, then? The prerequisites for tax returns are:

You must submit a return if your gross income is at least $12,650 and you are under 65 years old. It must be at least $14,250 if you are over 65 to file. If your income is $25,100 or more and you and your spouse are both under 65, you should file a combined tax return. The minimum will be $26,450 for one over 65 and $27,800 for both over 65.

You must submit tax returns if your income is at least $18,800 if you are the head of household and under 65; $20,500 if you are over 65. The minimum is $26,450 if you are over 65. Under 65-year-old qualified widowers must file beginning at $25,100. Finally, you must submit a tax return if you owe any special taxes, spent funds from your health savings accounts, or had a net self-employment income of at least $400.

When Is the Tax Filing Deadline?

When is the final day to submit taxes? This is the following query you're undoubtedly asking. On January 23, 2022, tax season officially began, so don't worry! The 2022 tax filing deadline is April 18, a Monday. You may fill out Form 4868 to obtain an extension if you need one. You will have six additional months to finish your tax return.

Does Early Tax Filing Exist?

It is standard practice and typically advised to file tax returns early. Starting the preparation process before will offer you more time and prevent you from rushing to submit your paperwork by the due date. But if you owe money, it could be wiser to put it off until you figure out how to pay.

Documents Required for Tax Filing

Probably the next thing you'll ask is, "What paperwork do I need to submit taxes?" Making sure you have all the required paperwork in order before tax season can save you a lot of time and headaches afterward.A few probable papers necessary to submit taxes are listed below:

1. W-2 documentation from your company

2. You will need 1099 forms such as the 1099-K, 1099-MISC, and 1099-INT, including interest, dividends, retirement plans, unemployment benefits, and other unspecified income.

3. Mortgage interest statement 1098 forms.

4. For your stimulus payments, send letter 6475.

5. As per Letter 6419.

When Will Your Tax Return Arrive?

What is the time frame for receiving a tax return? Typically, it takes three weeks to get your money back. You are more likely to get it sooner if you decide to receive it by direct deposit. It might take longer to complete your tax return if you send it in; typically, it takes six to eight weeks.

Conclusion

Tax season is almost approaching, so the sooner you file your taxes, the better. But sometimes, a little more assistance may help. It would be better to consult tax experts as a result. With any luck, this information and your research can help you through this challenging procedure.