Tips for Filing Taxes Online

Do I Need to File?

Before getting started with filing taxes, it is important to know if you have to file them. If you are a U.S. citizen and resident, you will most likely have to file them if your gross income is above a specific threshold. Through the IRS website, you can use an interactive tool or take a look at this threshold based on age and income to find out if you are required to file.  

The above chart shows the status of filing for personal and individual taxes. If you are a business owner or self-employed, you will need to file annually for quarterly taxes if you exceed $400 in net earnings each quarter. 

Now that you know who is required to file, here are some tips to help you stay organized and reduce stress during tax season.

Prepare Essentials 

How smooth the filing process is heavily depends on the preparation beforehand. If you have all the necessary information before filing electronically, it will be much more simple to complete. It’s also a good idea to keep all of the documents you need in one place so you know where they are and aren’t scrambling trying to find them. This section will go over the essential documents and information you need when filing taxes. 

Gathering Necessary Documents

Before choosing an online form that you’re going to use for filing, having the essential documents on hand will prevent any hiccups and save you time. 

The personal information you will need includes:

• SSN or Tax ID 
• Bank account number
• Current address
• W-2 Forms 
• Bank statements 

Documents you need for other types of income or self-employment:

• Specific 1099 forms depending on the income received by other means
• Business income expenses and receipts if you are self-employed
• Checks 

Files to gather for possible deductions:

• Mortgage statement if you have bought or sold a house
• Donations to charity 
• Receipts for childcare 
• Health savings or retirement account

No person’s income and means of doing so are the same. To ensure you have all the correct information for you specifically, visit IRS Tax Filing Documents or team up with a tax professional at Cooper Norman to make your tax experience amazing and simple. 

Find an Online Form That Fits Your Needs

There are numerous different eFile platforms that you can use to file taxes electronically. Finding one that best suits your needs can make all the difference. Here are some good options to consider:

TaxSlayer

If you are looking for an affordable and easy-to-navigate option, TaxSlayer is a great choice. They are one of the trusted partners of the IRS. If you are EITC eligible (for those with low to moderate income), you can also get a free federal return. 

TaxAct

TaxAct is another trusted partner of the IRS tax filing platform. It is an affordable option, ideal for self-employed individuals. However, it doesn’t provide as much guidance without an additional cost, so if you are comfortable doing taxes mostly on your own or have simpler situations, TaxAct can be an effective platform. 

FreeTaxUSA

Whatever your tax situation is, simple or more complicated, is free. The four tiers (basic, advanced, premium, and self-employed) all include a free federal tax return. You don’t have to pay for additional add-ons or upgrades, making this a cheaper and more efficient platform to use. 

TurboTax

TurboTax is more expensive upfront but includes features and a comprehensive guide for complex tax situations at no extra cost. Complete your taxes accurately as you receive all the help and guidance you need. 

Take Advantage of Tax Professionals in Your Area 

Electronic filing has made the taxing process easier, but that doesn’t mean you have to do it all on your own. Finding a tax professional in your area can help lift excess stress from you and ensure complete accuracy when filing taxes. 

FAQs

Q: Is it safe to file my taxes online?

A: Yes! There are many approved software platforms that are trusted partners of the IRS and will keep your information safe. Keep secure passwords and use verification. You can also work with a tax professional who will ensure all of your information won’t get out and is in the right hands. 

Q: What if I make an error on my tax return?

A:  Form 1040-X is an amended return and you can file that if you made any mistakes on your tax return. Some online services have features that can make it easier to fix any errors, or you can work with a tax professional to ensure it is error-free. 

Q: What is the deadline for filing taxes online?

A: Tax returns must be filed by April 15th, also known as Tax Day. It is usually on April 15th unless that day falls on a weekend or holiday that year, pushing it back until the next business day. It is important to adhere to this deadline or it can result in fines or penalties. 

Cooper Norman Tax Assistance

Accuracy and confidentiality are essential when handling sensitive information. Finding someone you can trust to manage this is crucial. Our team of tax professionals here at Cooper Norman are nothing less than exceptional. Here we value honesty, integrity, accuracy, and growth for your future. Serving the community for over 70 years, we have the experience and tools to help you thrive. We understand all of the nitty-gritty tasks that come with the tax filing process and understand online platforms to help you complete it quickly and easily. Contact Cooper Norman today for electronic filing assistance. Whether it’s insight or advice, we are here to help make your life easier!