Filing Your Tax Return

By / February 5, 2023

A Guide to Filing Your Tax Return with Confidence

 

CPA Near me Filing Your Tax Return

 

Filing a tax return can be a complex process, but with the right information, you can ensure that your return is filed accurately and efficiently. To help make this process easier, here is a list of the important information you need to have on hand when you file:

  1. Social Security Number or Individual Taxpayer Identification Number (ITIN) Your Social Security number is a crucial piece of information for filing taxes. If you don’t have one or are not eligible for one, you can use an ITIN.
  2. Wage and Income Information You will need to provide information about your wages and income when you file your taxes. This information is typically found on forms from your employer, such as the W-2 and the 1099 series.
  3. Being Claimed as a Dependent If someone else is claiming you as a dependent on their tax return, it’s important to know this information when you file your own return. You can still file your own return, but you won’t be able to claim yourself as a dependent.
  4. Documentation for Credits and Deductions To claim credits and deductions, it is important to have all the necessary documentation. While the increased standard deduction may make itemized deductions unnecessary, all credits and deductions are subject to review by the IRS.
  5. Prior Year Adjusted Gross Income (AGI) or Self-Select PIN To validate and sign your electronic tax return, you will need your prior year AGI or self-select PIN. If you’re a first-time filer over the age of 16, you can simply enter “0” as your prior-year income for signature purposes.
  6. Bank Account and Routing Number For the fastest and safest delivery of your refund, you will need to provide your bank account and routing number for direct deposit.

By having all of this information ready when you file, you can help make the process smoother and more efficient. Take the time to gather all of these important pieces of information before you file your return, and you will be well on your way to a successful filing experience.

 

References:

https://www.irs.gov/credits-deductions-for-individuals

https://www.irs.gov/publications/p501

https://www.irs.gov/forms-pubs/about-form-w-2

https://www.irs.gov/individuals/individual-taxpayer-identification-number

 

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