As tax season approaches, many individuals are beginning to prepare their tax returns for the 2015 tax year. Filing taxes can be a complex process, but understanding the steps involved can make it easier to navigate.
Whether you’re filing for the first time or looking for a refresher, here’s a step-by-step guide to filing taxes for 2015.
Not everyone is required to file a tax return, but if you meet certain income thresholds or have specific circumstances, you must file. Generally, you need to file a return if:
Before you start filing, it’s important to gather the necessary documents. These documents will help you accurately report your income, deductions, and credits. Key documents to have on hand include:
The IRS provides several tax forms, but most individuals will need to file Form 1040. However, there are two other forms that may be suitable for certain taxpayers:
Your taxable income is the total amount you earned during 2015 minus any deductions. Deductions can be either the standard deduction or itemized deductions.
If you choose to itemize, make sure you have detailed records of all your deductible expenses.
There are various credits and deductions available to help reduce your tax liability, including:
Make sure you review all available credits and deductions, as they can significantly reduce the amount of tax you owe.
Once you’ve filled out the necessary forms, it’s time to file your taxes. You can choose to file your return:
The deadline to file your 2015 taxes is April 18, 2016, for most taxpayers. If you need additional time, you can request an extension to file by October 17, 2016. However, an extension to file does not extend the deadline to pay any taxes owed, so it’s important to estimate and pay any taxes due by the original deadline.
If you owe taxes, the IRS offers various options for payment, including:
If you’re unable to pay your tax bill in full, the IRS offers payment plans. You can apply for a short-term payment plan (less than 120 days) or a long-term installment agreement.
After filing your taxes, it’s important to keep a copy of your tax return and supporting documents for at least three years. This is useful in case the IRS audits your return or if you need the records for future reference.
Filing your 2015 taxes can seem overwhelming, but by following these steps and staying organized, you can simplify the process. Whether you choose to file online or on paper, ensure that all your information is accurate and complete.
If you’re unsure about any aspect of your tax return, consider seeking help from a tax professional to ensure you’re taking advantage of all the credits and deductions available to you.
Don’t forget to file by the deadline and, if needed, pay any taxes owed.
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