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Troubled by taxes? You don’t have to be!

If you've waited until the last minute to do your taxes, and let's face it you probably you have, you might have some questions. After all, filing your taxes can be a confusing and intimidating process. There are so many different forms and everyone’s situation is unique. Are you filing independently or as a dependent? What can you claim? The possibilities can seem endless. On a positive note, there could be a reward waiting for you once your taxes are filed – your tax refund! Here are some tips to make filing your taxes just a little bit easier.

  1. Collect all of your paperwork in one place before you sit down to start the filing process. You can’t do your taxes without your W-2, or 1099 if you are an independent contractor. Did you work more than one job in 2012? Make sure you’ve received your tax documents from all of your employers. If you think you’re missing something, don’t be afraid to reach out to a former boss. If you’re a student and receive financial aid, you’ll probably need some paperwork from the Bursar’s Office or the Office of Financial Aid.
  2. Take advantage of your resources! Online e-filing websites like Turbo Tax and HR Block can make your tax filing process significantly easier. They’ll guide you through the process and make sure your taxes are properly filed. Before you start your return, find out how much the website is going to charge you to e-file your taxes. HR Block offers free e-filing of your federal taxes but will charge you to file your state tax return. In this case, it might be best to file your state taxes separately.
  3. If you’re planning to file your taxes the old-fashioned way, go to your local library and pick up the forms you’ll need. You can also print them from the IRS’ website.
  4. Just because you’ve moved out of the house, doesn’t mean you can’t take advantage of your parents’ knowhow! Don’t be afraid to call someone for help if you’re confused. It’s better to get the extra clarification than to accidently file your taxes incorrectly.
  5. What happens if you file your taxes and then receive an additional document from work or school?  You can always file an amendment to your taxes. Generally, you will use Form 1040X to file an amendment.
  6. Make sure that you have your bank or credit union account information on hand. If you’re e-filing, chances are that the website will give you the option to have your return automatically deposited into your bank or credit union account. To do this, you’ll need your bank’s routing number and your account number. Delta Community’s routing number is 261071315.

Once your taxes are filed, just sit back and relax. If you’re lucky, you’ll have a nice refund coming your way. In most cases, it takes 3-4 weeks to receive your tax refund. Once it arrives, be sure to put some towards your long-term savings, but it’s ok to treat yourself to a new outfit too!

* Every taxpayer’s situation and circumstances are different. The information contained in this article is for information purposes only and the recipient of such information should seek the advice of financial or tax professionals and/or legal counsel regarding their individual situation.