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How to file your own taxes

2023-02-05T14:00:05+00:00
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  • The average taxpayer takes 13 hours to prepare their tax return. 
  • This process includes gathering documents and mailing in the forms.
  • Find out how to do your own taxes.

Have you ever wondered how to file your own taxes? Every year millions of Americans dedicate at least 13 hours of their lives to preparing their tax returns. This includes steps such as planning personal finances, gathering documents and mailing the return.

Of all tax returns sent in 2022, at least 66.8 million were filled out by individual taxpayers without the help of an accountant. This is thanks, in part, to current technological tools, which allow you to file electronically. So what do you need for this task? We’ll tell you!

4. How to file your own taxes: ​​Gather the necessary documents

How to do taxes alone
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The first step in filing your own taxes is to keep in mind the deadline for your forms to the Internal Revenue Service. In 2023, the deadline is April 18. Before starting the process, make sure you are not exempt from filing. This applies to people who earn below the minimum income or those who are declared as a dependent by someone else.

If you’ve filed taxes before, the IRS already has your information in their system. This includes data like your Social Security number, bank account and tax information from previous years.

3. What documents you will need

Tax documents
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Documentation is very important and all forms must be filled out with true, verifiable information. Make sure there are no errors that could put your tax return at risk.

Among the forms you will need to fill out your tax return are: a W-2, which is your wage report from your employer; 1099, if you have received any income from freelancing, royalties, rents, dividends and distribution of resources; 1099-C, which is only used for debts contracted or cancelled; and, finally, the 1098 form, which lists tax deductible payments.

2. Choose your deduction

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When you file your tax return, you can choose between taking a standard or itemized deduction. The standard deduction is the easier more popular option and more than 90% of taxpayers take it. This type of deduction is a specific amount that reduces the amount of your taxable income. In 2023, the figure is set at $13,850.

The itemized deduction is makes sense for taxpayers who have incurred many expenses, such as hospitalizations, dental treatments, mortgages, financial losses or donations to organizations. If you are wondering how to file your own taxes and which deduction to choose, the answer will depend on your annual income and expenses.

1. File your return electronically

How to do taxes alone
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If you’re not ready to send your documentation by the deadline, you can request an extension from the IRS, which is usually approximately six months. If you have already completed all the forms, then it is time to verify that all the information is correct and that there are no errors. Then you need to submit your return to the IRS.

According to the Internal Revenue Service, 90% of taxpayers complete the process electronically, which means greater privacy and a quicker refund. Plus, it’s a great way to stay on top of all the notifications.

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