Filing taxes is one of the most stress-inducing but extremely fundamental part of any professional’s life. While filing taxes can seem like a Herculean task, educating yourself about the process can help you navigate this troublesome task with some ease. Here is all you need to know about filing your tax returns.
Collect all your tax forms and documents
Gathering all the essential forms, including the free 1099 form and other essential documents, can be an extremely frustrating task. In principle, all these documents must be sent to you by January 31, which means you must receive them by early February. In case you haven’t, you must follow up and make sure no documents are lost in transit or in the mail. Keeping a track of forms and documents you need is essential to ensure you don’t miss out on any essential document before the date of filing.
Identify your method of filing taxes
You can file your taxes offline as well as electronically and you can choose the method that suits you the best. However, if you want to receive a quick refund, it is usually advised that you file your taxes online and select direct deposit as the method for receiving your refund.
Choose an e-filing service
If you are opting to file your taxes, including your free 1099 form online, you can choose from any one of the popular online tax services like TurboTax or H&R Block. These are easy to use and are designed to be handled by anyone including tax amateurs. One of the important advantages of using an online service is that they not only help you with tax calculations but also help you identify what forms, such as the free 1099 form, are applicable in your case. Also, people with an annual income of less than $66,000 can electronically file their federal tax return for free using one of the several tax software companies listed on the IRS website, offering free filing. Similarly, in a lot of cases, you can also file your state taxes electronically for free, if you research and locate the right e-filing service.
File your returns as soon as possible to avoid fraud
The most reliable way to avoid frauds and tax scams like identity thefts during tax season is to file your tax returns, including the free 1099 form, as soon as possible before potential fraudsters and scamsters can target you.