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How to do taxes: a step-by-step guide for basic tax prep

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April 18, 2022 is the last day to submit your tax return. Find out the easiest way to do it! At the end of the fiscal year, you must have declared taxes in three categories: income, expenses and inheritance. Paying taxes is one of the most important fiscal obligations of citizens, and for this reason it is necessary to understand all the steps to successfully complete this process. Here’s how to do taxes!

Gather all the necessary documents

All US citizens who earn money are required to file income taxes. The forms you will fill out depend on your marital status, your income and your type of employment. For example, in most cases, the required documents include: W-2s, 1099s, mortgage interest history and charitable contribution history. In the case of married people, special forms are required to declare change of address, name and the adjustment of withholdings according to your combined income.

Choose between the standard or itemized deduction

person doing taxes

People who file taxes can do so under two categories: the standard deduction or the itemized deduction. One thing to consider is that taxable income reduces the amount of taxes that must be paid. The selection of this category will determine the amount of taxes that single people and married people will pay. For tax year 2022 (to be filed in 2023), the standard deduction for single taxpayers will be $12,950, while married people will have a standard deduction of $25,900. However, if expenses are greater than this amount, an itemized deduction is recommended.

Select the status of your return

This step is very important, because this is how you will know which forms to fill out and what benefits you can access (as well as the amount you owe in taxes). The main categories are: single taxpayers (divorced or legally separated persons and those who were widowed before the tax year fall into this category), married people, heads of households and widows.

Double-check your forms


Whether you submit the form by mail or online, you need to carefully review all of your information. The amounts you will declare, and everything else you need to avoid a penalty or delay in your returns. Among the issues that you must take into account are: verify that you are delivering the number of copies indicated by each form, that your name and social security number are correctly written and that the address you are providing is correct.

File your return

When you have verified that your documents are in order and that the information does not have errors, it will be time to file your tax return. If you want, you can ask for outside help, although 43% of taxpayers use government software to do so. The first option is recommended for people whose tax situation is complicated, especially those who operate a business or who wish to make an itemized return.

The post How to file taxes: a basic step-by-step guide to tax preparation appeared first on Mundo Hispanico.

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