Introduction
Taxes play a vital role in the economic and social development of a country. They will help to pay for public services and help run government agencies. The Internal Revenue Service (IRS) is the agency tasked with the collection of taxes. The IRS can either collect taxes directly from your paycheck, estimated tax payments or filing made through forms provided by the IRS. Most people find it difficult to file for their tax returns. Here is a brief break down on the procedures and requirements involved in tax i filing.
Step 1
Federal individual income tax i returns for the previous calendar year are usually submitted to the IRS by April 15 of each year (with the exemption of federal holidays). Many people will file a federal income tax return, even though the income on their return is below the filing requirement. To avoid such scenarios, always check with the IRS or a tax attorney on whether your income qualifies for tax i filing. This will help to reduce any unnecessary burdens and avoid processing costs.
Step 2
If you do qualify, then you can either file your tax returns manually using a form or electronically over the internet. Over 100 million people filed their tax returns over the internet in the year 2011. Electronic filing, also known as e-file, makes it a lot easier to file tax returns, reduces the chances of errors and makes it possible to receive a refund faster. You can also file your returns manually, using the forms provided by the IRS. You can print the forms from the IRS website or access them from your locally library. Before submitting your tax i filings, make sure to double check them for errors.
Step 3
If you are unable to meet the deadline stipulated for tax i filings, you should request for an extension. You can make a request for an extension either electronically or manually through the forms provided on the IRS website.
Step 4
If you pay more money than you owe in your tax i filings, you are allowed to request for a refund from the government. Alternatively, the government could issue a refund check to you automatically, without even asking for it. If you are eligible for a refund check, you can check its progress from the IRS website.
Step 5
If you filed your tax i returns electronically, you can check on the refund 72 hours after you submit the e-file. However, if you filed a paper-backed return, you should give the government an allowance of 3 weeks before checking on the status of the refund check.
Tips
If all this seems too complicated for you, then you could always utilize the services of a tax attorney on how to file your tax i returns. The IRS also provides tax counseling services through its trained volunteers and tax counseling programs.
Sources and Citations
It is important to note that state and local taxes are derived from transaction charges, such as property taxes, sales tax and income taxes. The type and amount of tax charged on either category will vary from state to state. You should visit your State’s website to find out more about tax i filing requirements.
