Tax season almost always feels like it’s around the corner and that can be very stressful. Many of us live in financial situations that make tax preparation and filing difficult. It’s a lot of information, there are concerns about what your refund is going to look like, or if you are going to owe money instead. Not to mention that it feels like the laws around your taxes change every two years.
Tax season shouldn’t be a time to stress and at Shamika Saves I can make sure of that. As a financial expert, I am familiar with many areas when it comes to making the best of your income and your personal situation. I am also skilled at not only helping you file your taxes but finding the best way to get the most out of them.
Many of my clients have to file more than just a W2. They have Form 1040, 1099 DIV, or 1099 INT. Many of the traditional and popular tax filing companies, such as Turbo Tax, charge you for filing with these forms. You should never do that because there are completely viable ways to file your taxes for free.
The following companies are members of the free file alliance. If you file through these companies, they won’t charge you additionally for filing your taxes.
- 1040NOW Corp
- Free Tax Returns
- H&R Block
- OnLine Taxes
- Tax Slayer
Now that we’ve gotten that out of the way let’s discuss filing our taxes. If you struggle with this that’s okay because at Shamika Saves I can not only walk you through the process of tax preparation, but I can help you through the E-Filing process to make sure it goes as smoothly as possible.
Identify your income and tax form
What is your main source of income? If you only have a single job then this part should be easy for you. Find out what tax form you filled out when you were hired. The most common tax form is a W4, but if you are working under contract then it’s possible you were given 1099 instead.
In most cases, your employer will either give you your tax form or mail it to you. Many employers offer to email you a PDF of your tax information so make sure that you didn’t receive it this way. Your employer is REQUIRED BY LAW to give you a tax form.
If you have multiple jobs then you need to file taxes for every job that you have. If you worked multiple jobs throughout the year then you must file taxes for every job you worked in throughout the calendar year.
A tax year is from January 1 to December 31. If you begin a new job on January 2 then you do not have to file taxes for that job until the end of the year.
It is important to know what tax form you are filing and what filing that kind of form entails. It’s also important to know what your options are if it turns out you owe the IRS money back in taxes.
A W-2 is the most common tax form. When you begin employment at a new job you are very often going to be given a W-4 form to fill out for your employer. This will cover areas such as how much money you want to be taken out of your taxes. You can opt to have more money taken out throughout the year and in turn receive a bigger refund after filing, or you can opt to have less money taken out and have a smaller return or in some cases owe money altogether.
With a W-2 form being the most common form of tax return it is also the one most E-filers will allow you to file for free. Most E-Filing services will just ask you to input the information that is already on your tax form into the correct fields.
The W-2 form is critical because this is how both the employee and the IRS disclose the total salary and benefits for the year. The W-2 form you give will be used by your workers when they file their own income tax return for the year. It is your duty, as an employer, to ensure that the form is correct and provided within the IRS deadline. You may otherwise face heavy penalties! A payroll service will help you with all the details you need to have in order to file your W-2s efficiently and in time.
If you are overwhelmed by your tax information or feel that the data on your W-2 is incorrect, then feel free to contact me for a consultation appointment and tax preparation services. I can go over your tax form with you and see where we can get you the best possible return.
With a Form 1040, you can file a “simple tax return” with no additional schedules. If you would like more information on this then you can watch my YouTube video explaining how you can file taxes quickly.
Then it decides how much income is taxable by modifications, deductions, and personal exemptions. Almost all of the numbers are moved from spreadsheets or supplementary forms and timetables. Taxable income and everything else is measured on the next pages, as there are credits that are more significant than deductions since they minimize the overall taxation
If you still feel that you need more information about how you can file a simple tax return then you can always schedule an appointment with me where we can discuss how to get the most out of your tax situation.
A Form 1099 is also known as the self-employment tax form. The self-employed community or those paid through contracting or freelancing usually file this type of form. Usually, this non-taxed payment means you have to pay the taxes back to the IRS at a later point.
If you make a significant amount of money through freelancing throughout the year then you may want to consider making quarterly tax filings. This helps avoid large lump sum tax payments every year when you file.
If you would like help setting this up then contact me at Shamika Saves so we can go over your tax situation and prepare you for these quarterly tax returns.
A Form 1099 depends entirely on how you received your income and if the source of your income applied taxes to it. Therefore, most people find it very complicated. There are also many eFiling companies that charge you for filing this kind of tax form. At Shamika Saves I can help you understand this.
When you file your taxes you may be in a situation where you owe money back to the IRS but will not be able to pay it back by the date you are given. If this is the case then you will need to look into filing a Form 9465.
This form will allow you to set up a payment plan to pay your taxes back in a reasonable amount of time.
If you have fallen into this situation and need help filing your Form 9465 then contact me at Shamika Saves and I can go over with you the filing process and maybe even see if there was a mistake in how much you owe the IRS in the first place.
As we continue through this digital age, tax preparation services are becoming more online. This means that your options for filing are, more than ever, going to be through E-Filing services. There are many options out there, but at Shamika Saves we know the best ones. I can also help you file through the best possible E-Filing service for your situation.
You can file your taxes electronically if you have access to a computer and the Internet. For example: on your tax preparation, the IRS lets you file Form 1040 via e-file or simply put through the web, Simple enough right? On a device, you fill in your tax form and send the details to the IRS. The communication process is safe and secured so you need not worry about exposing or stealing your personal details.
Generally, the IRS will issue a refund after e-filing within three weeks of your date of submission. You can pay electronically if you actually owe any money, and receive an automatic notification when your payment is made. Or you can take the regular route and send a check or money order by mail.
If you don’t understand E-Filing and would like help then don’t be afraid to give me a call and set up an appointment. I can help make it less complicated for you.
At Shamika Saves, my goal is to help you understand your taxes better. I want you to walk out of our appointment with a clear understanding of why you are filing the way you are and how it helps you. If you are ready to better understand your tax situation and in need of tax preparation services then feel free to give me a call at 407-930-9570. You can also use my online contact page.