How to file your personal taxes

Do you stress or worry about April 15th every year? Does filing your taxes keep you up at night? Are you dreading paying for something that you don’t enjoy? Well, it’s about time you got a good night’s rest. Anyone can file their own taxes, and they can do it for free.

Do you make $60,000 or less in a year? You and 70% of Americans qualify to file your taxes for free through the IRS. The IRS Free File provides free tax preparation and e-filling. IRS Free File is a partnership between the IRS and fourteen other tax software suppliers such as TurboTax, H&R Block, and Jackson Hewitt.

Before you file your federal taxes

Before you start filing, there are a few forms you need to get started. You need a copy of the tax return from the previous year; social security numbers for yourself, your spouse, and children; and proof of identity. Proof of ID includes the AGI number on your previous year’s tax return, your personal ID number, or by creating a new five-digit PIN number.

One you have all your personal information collected, gather all receipts and documents including:

• W-2’s
• All varieties of Form 1099, including forms from the Affordable Care Act
• Form 1095A, an health Insurance Marketplace Statement
• Form 8962, a Premium Tax Credit
• Form 8965, a Health Coverage Exemption
• If you have any unemployment compensations, rental incomes, partnerships, trusts, S corporations, or Social Security benefit’s make sure to have the paperwork on them as well.

State Tax can be free too

After filing your federal taxes, go to your state’s department of revenue website to review free filing options. Make sure you follow the link on the state’s website to guarantee a free file or you might find you’ll be paying at the end.

At IRS.gov, follow this link to Free Filing. You’ll use their free tax prep software that that will make it easier for you to file on your own.

If you get stuck or have any questions, Poston, Denny, & Killpack LLC serves all of eastern Idaho and is ready to help.