How To Do Your Taxes for the First Time: An Intro Guide Intuit TurboTax Blog

Different types of business entities affect your taxes in different ways. This can range from sole proprietorship to partnership, turbotax checklist LLC, or corporation. That’s why it’s important to weigh the pros and cons of each type for your situation. By keeping detailed records, you’ll be prepared for potential audits and equipped to take advantage of any potential opportunities.

• As you prepare to file your taxes, take a look at our tax document checklist to make sure you don’t miss anything.
• Get unlimited advice, an expert final review, and your maximum refund, guaranteed with TurboTax Live Assisted Basic.
• The CRA offers a variety of credits and deductions to those eligible, which help you reduce your tax owed.
• Intuit reserves the right to modify or terminate any offer at any time for any reason in its sole discretion.
• And if you want to file your own taxes, TurboTax will guide you step by step so you can feel confident they’ll be done right.
• If you have tax questions while you are doing your taxes, you can connect live via one-way video to a TurboTax Live CPA or Enrolled Agent and get your tax questions answered.
• From the filing to quarterly estimated payments, there are several key IRS deadlines you should know about.

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October 15th is quickly approaching and if you didn’t file your tax return yet you’re probably wondering how to get your tax documents in order to make the tax extension deadline. Jim Wang has created a tax form checklist to help you figure out what tax documents you need to prepare your taxes. When filing a tax return it’s important to stay organized and make sure you have everything handy before you begin the filing process. This ensures that tax season is as efficient as possible for you, while getting the best refund possible. Variables exist in our lifestyles, employment, investments, family and more that effect our income tax filing requirements.

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TurboTax Live tax experts can even review, sign, and e-file your return for you. There are several strategies you can use to minimize your tax bill at the end of the year. Claiming the right deductions, contributing to retirement accounts, and offsetting capital gains can help you reduce your tax liability. If you want to save as much money as possible this tax season, check out these 8 end-of-year tax planning tips.

responses to “Tax Documents Checklist: How to Win Big This Tax Season”

• The following TurboTax Online offers may be available for tax year 2024.
• If you had a lot of unreimbursed out-of-pocket health care costs this year, you’ll be glad to learn that many of those expenses may qualify for a deduction on your 2024 income tax return.
• Your accounting records are critical to your business’s financial health.
• To help, highlight the ones that apply to you and begin collecting the needed documentation in a safe place.
• Keeping a detailed checklist is a great way to stay organized and keep track of what deductions you may be eligible for.
• TurboTax will ask you simple questions and remind you of the information you need.

If federal taxes were withheld from your paycheck, you may be due a refund of federal income taxes. The same concept applies if you are a resident of a state with income taxes and had state income taxes withheld from your pay. In addition, you may be eligible for the Earned Income Tax Credit (EITC), which provides refunds to low-to-moderate-income taxpayers who meet certain requirements. The TurboTax Tax Document Finder is a special tool that uses a checklist to analyze your personal life situation and determine which tax documents you will need when sitting down to prepare your tax return. It’s a great question and in reality, for simple tax filing needs, just about any brand could work well enough.

Last Minute Tax Tips for Extension Filers

You begin by supplying income information as to how you made your income, and what the different sources were. By making quarterly payments, you’ll stay current with your tax obligations and avoid penalties for underpayment. Making contributions to retirement plans like a 401(k), SEP IRA, or SIMPLE IRA,  can reduce your taxable income. By setting aside pre-tax income into a retirement plan for yourself and your employees, you reduce the amount of tax you owe for the year. You should receive this in the mail, via email, or online from your employer.

To help you gather the needed documentation, we’ve prepared a personal tax prep checklist to help you get ready. Not all the items on this checklist will apply to every taxpayer, but use it as a guide to begin collecting information that’s relevant to your situation. With TurboTax Live Full Service, a local expert matched to your unique situation will do your taxes for you start to finish.

If there’s information or amounts that aren’t already available on other documents, such as your bank routing and account numbers for direct deposit, then you can jot them down on the printed checklist. If you had a lot of unreimbursed out-of-pocket health care costs this year, you’ll be glad to learn that many of those expenses may qualify for a deduction on your 2024 income tax return. If you have other types of income, such as from real estate or trusts, gather up the documentation you have for how much you received during the year. This documentation could include year-end statements or bank statements for earnings. The thought of filing can feel overwhelming for many business owners, but with a little preparation, you can put your mind at ease. From important documents and forms to deadlines, we’ve created a comprehensive business tax checklist to simplify the process.

Free filing of simple Form 1040 returns only (no schedules except for Earned Income Tax Credit, Child Tax Credit and student loan interest). However, because of the high Standard Deduction and the 7.5% of AGI threshold requirement, it can be difficult to benefit unless you have a lot of out-of-pocket costs. If you’re single and earn below $14,600 in 2024, you might not even need to file a return.