Most people residing in America have to file their federal taxes once a year. However, the nitty-gritty of the process can be pretty confusing. In this article, we will explain how to go about filing your federal taxes and how to apply for an extension.
Tax Filing Deadline
All taxpayers in the United States are required to file their federal taxes before the due date specified by the IRS. Keep in mind that these deadlines are specifically for federal taxes, and they do not apply to local or state tax returns. To make sure that you also file those on time, check the tax filing due dates for your state. If you owe any money but don’t file your taxes, you may be charged a late payment penalty and interest.
How to File Federal Income Tax Returns
Gather the necessary paperwork, including a W-2 form from your employer(s), earnings and interest statements (forms 1099 and 1099-INT), receipts for medical and business expenses (applicable for people itemizing their returns), and proof of charitable donations.
Choose the filing status based on whether you are single or married. The amount of money you as an income earner put toward your household expenses will also affect your filing status.
Determine how you’d like to file your federal taxes. The Internal Revenue Service recommends making use of tax preparation software to e-file.
Next, decide if you would itemize your return or opt for the standard deduction. If you owe the IRS money, you can now make your tax payment.
How to Get an Extension
If you are unable to file your federal income tax by the specified deadline, you may be able to get an extension for six months from the Internal Revenue Service (IRS). Keep in mind that this is an extension to file your return and not an extension of time to pay your federal taxes.
Regardless of what your income is, you can use IRS Free File to electronically request a tax filing extension. To be approved for the extension, you will need to estimate your tax liability and key in the amount on the IRS Free File form.
