How To Prepare for Tax Season
Filing taxes can feel like a daunting task every year. Curb some of the stress of tax season by preparing ahead. This blog will give you the basics of how to prepare for tax season, so you can file your taxes on time and worry-free.
How Do I File My Taxes?
There are three main ways to file a tax return: filling out the forms by hand, using tax return software, or hiring a tax preparer. Each of these methods comes with its own strengths and weaknesses that may hold more or less appeal based on the complexity of your tax return.
- Paper return. While paper returns avoid possible issues with internet security or connectivity, it is the longest to process for the IRS and can be prone to errors.
- Online return. An online return quickens the process but requires you to put in the legwork with electronic files. There may also be technical difficulties.
- Tax preparer. While alleviating some of the labor, tax preparers can vary in their expense and experience.
Should I File My Taxes Online?
In recent years, filing your taxes online has become easier and faster than filing a paper return. You can find an abundance of resources online for software and tax preparation services, but know that you do not have to pay to file your taxes.
Some websites and apps may charge you for using their software, but sending a tax return to the IRS should never cost money. You can learn more about filing taxes online for free through the IRS website.
What Do You Need To File Taxes?
You will need a combination of personal and financial information for your tax documents. For ease of access, we’ve compiled some of the common items you’ll need.
- Social Security numbers for yourself, as well as for your spouse and dependents, if applicable
- W-2 form from each employer you had in the previous year
- 1099 forms, if applicable
- Retirement account contributions
- Property taxes and mortgage interest
- Charitable donations
- State and local taxes you paid
- Educational expenses
- Unreimbursed medical bills
- Last year’s federal and state tax returns
When Should I File My Taxes?
As soon as you have the proper documents and information you can begin on your return paperwork. However, the soonest you can file it with the IRS is in late January. In 2023, both federal and Kansas tax returns are due Tuesday, April 28.
While this date might seem far away, tax deadlines always arrive quicker than we expect. It’s important to begin thinking and preparing now so the process can go smoother later. However, if you run into issues obtaining the correct documents or you simply let time get away from you, it’s possible to request an extension on your tax deadline.
Take the Stress Out of Banking With Landmark National Bank
Whether you’re preparing your taxes or receiving your return, you’ll need a bank that has your back. Landmark offers e-statements, so you’ll have 18 months of statements available online to help document your expenses from the previous year. Turn to the professionals at Landmark National Bank for all your banking needs; we are dedicated to providing customer-focused banking solutions to bring you success and stability every year. Find a branch near you and open an account today!