Find Out If You Are Obliged to Pay Taxes 

Before we begin explaining how to file taxes, you must first determine whether you are even obliged to pay any taxes. It basically depends on your age, your tax filing status, your income, whether you are tax dependent on someone, and a number of other factors. 

If you have had income tax withheld from your pay, you qualify for tax credits, or if you paid estimated tax payments to the IRS, you must file taxes. 

Even those who aren’t required to file taxes should do it as they could qualify for tax refunds. also known as earned income tax credits. Those with children below the age of 17 can also qualify for partially refundable child tax credits. 

Choosing How to File Taxes

Once you have determined whether you are required to file taxes, choose how to file taxes. Mainly, there are three ways you can file taxes:

1. Use online tax software to file taxes.

2. Hire a tax lawyer to file your taxes.

3. Fill out Form 1040-SR or Form 1040 manually and mail it to the IRS.

If you are opting for the third method, you will need to know how to file taxes accurately. Follow the steps below to find out how to file taxes properly.

Step 1: Gather All the Information Required to File Taxes

Whether you hire a tax lawyer to file your taxes or you choose to do it yourself, you will need to gather all the information required to file taxes. This includes proof of income, expenses, and proof of previously-paid taxes. 

Here’s everything that you will need when filing taxes:

• The Social Security Number of yourself, your spouse, and your dependents (if any).

• Property taxes and mortgage interest.

• W-2 form from your place of work to show how much taxes were withheld from your paychecks. Or, 1099 form if you are an independent contractor, freelancer, or self-employed. 

• Paid State and local taxes.

• Educational expenses.

• Retirement contributions.

• Unreimbursed medical bills.

• Charitable donations.

• Federal and State tax returns from the previous year.

If you have hired a tax lawyer to do your taxes, you will need to provide all this information and leave the rest to them. But if you are filing your taxes yourself, you will need to settle up with the IRS yourself.

Step 2: File Your Taxes

Now that you have all the documents ready, it’s time to mail your 1040 form to the IRS. Once you have filed your taxes this way, you can view how much you owe in taxes and then mail the amount to the IRS. 

You can also use debit or credit cards, electronic payments, wire transfers, checks, and cash to pay your dues to the IRS. 

If the taxes are too much for you to pay at once, you can opt for a short-term or long-term IRS payment plan. This way, you will pay your federal taxes over a certain period of time in the form of monthly payments.

If the IRS owes you money, you will get a check in your mail once they have processed your filed taxes. You can expedite your refunds by making sure to:

• File your taxes online instead of filing them on paper

• Direct your refunds into your bank account instead of a check.

• Tracking your refunds.

However, do note that your tax refunds can take up to 3 weeks. Make sure to keep a copy of your tax return for personal records.

Frequently Asked Questions (FAQs)

When Are Taxes Due in 2024?

The deadline to file your 2023 tax returns and pay your taxes is April 18, 2024. You can start filing your 2024 taxes from January 18, 2024. 

What Happens If You Don’t File Your Taxes?

If you fail to file your tax returns and pay your taxes to the IRS, you will be charged with a failure-to-file penalty by the IRS, which is typically 5% of the tax owed for every month. You will also be charged with a late-payment penalty, which comes with interest charges.