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Preparing to File Your Tax Return

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It’s time to start thinking about filing your income taxes (this year’s deadline is Tuesday, April 15th!), which can be stressful to consider – but with a little preparation, it doesn’t have to be. By following a few easy steps, you can be prepared to file your tax return with less stress.

Step 1: Gather your documents and personal information

You’ll need personal information for all persons on your return—this includes Social Security numbers. If you are filing your return electronically (which you can do for 10% off with our TurboTax affiliate link at KirtlandCU.org/TurboTax), you’ll need your account and routing numbers for your bank or credit union account.

Most people filing their tax return will need at least some of the following documents:

  • Form W-2 (Employment Income) – If you have a job, you should receive a W-2 from your employer. This form provides information on your total earnings, taxes withheld, and other contributions to your retirement plan (if applicable).
  • 1099 Forms (-NEC, -MISC, -K) – If you’re self-employed or work as an independent contractor, you’ll receive a 1099 form rather than a W-2. (Here are some of the differences between each type of 1099 form.)
  • 1095 Forms (Health Insurance information) – If you had health insurance during the tax year, you’ll need to report it on your return. You should receive a 1095 from your insurance provider, detailing the type of coverage you had and how long you were covered. This documentation is especially important for those who may qualify for a health insurance-related tax credit.
  • 1098 Forms (Mortgage interest) – If you’ve paid mortgage interest or student loan interest during the tax year, you should receive a 1098 form. This provides information on the amount of interest you paid and can be used to claim a tax deduction if you are itemizing.
  • Account Statements – If you have any taxable investments or savings, you’ll receive statements detailing earnings and losses, dividends received, and interest received. Any earnings must be reported as income.
  • Records of Expenses & Taxes Paid – If you’re self-employed, you’ll need to keep track of all business-related expenses, including receipts for office supplies, travel expenses, and equipment purchases. These will be used to complete your 1040’s Schedule C. Even if you aren’t self-employed, some expenses are tax-deductible or eligible for tax credits (for example: childcare expenses for parents, out-of-pocket spending for classroom supplies by teachers, student loan interest, educational expenses)

Step 2: Explore potential adjustments, deductions and credits

The vast majority of taxpayers choose to use the standard deduction for their taxes, but if you choose to itemize your expenses, there are myriad deductions and credits available which may apply to your situation. In order to determine the best course of action, it is best to seek advice from a tax professional or use tax preparation software to discover which deductions and credits you are eligible to claim.

Commonly used deductions and credits include:

  • Child/dependent-related tax credits & deductions
  • Earned income tax credit
  • Educational expenses
  • Educator expenses
  • Health savings account contributions
  • Mortgage interest (if itemizing)
  • Retirement account contributions
  • Saver’s tax credit
  • State & local tax deductions (if itemizing)
  • Student loan interest
  • Electric vehicle tax credit
  • Solar energy tax credit

Step 3: Determine how you'll file

The best way to file your taxes depends on your circumstances, including income level, sources of income, deductions and tax credits.

  • Do-It-Yourself – If you have a simple tax situation and are comfortable with tax forms, filing your own taxes is a good option.
  • Tax Preparation Software – Programs like TurboTax, H&R Block or TaxAct can help guide you through the tax filing process and help you find deductions and credits – but they can charge fees for use. The IRS also offers free filing software for persons who have an Adjusted Gross Income under $84,000.
  • Tax Professionals – If your tax situation is more complicated (like if you own a business or have significant investments), working with a tax profession or certified public accountant is a wise choice. They can provide personalized advice and help you make strategic tax decisions to save you money in the long term.

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