Do you know how to become a filer? To comply with federal and state regulations, individuals and corporations in the United States must file taxes.
L&Y Tax Advisor explains how to become a filer with a clear approach if you need help figuring out where to start.
Step 1: Determine Your Filing Requirement
Tax filing is optional for everyone. Several variables affect your filing responsibility, including age, dependence status, filing status, and income. For instance:
- If a single filer under 65 makes more than $13,850 (as of 2024), they are required to file.
- Self-employed people who make $400 or more a year are required to file.
- Non-resident immigrants might have to file if they get money from US sources.
To verify your particular needs, see the IRS rules.
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Step 2: Obtain a Taxpayer Identification Number
To file taxes, you must have a valid Individual Taxpayer Identification Number (ITIN) or Social Security Number (SSN).
- US citizens and residents usually use SSNs.
- Non-residents without a Social Security number can apply for an ITIN through the IRS by filling out Form W-7.
Accurate processing and record-keeping depend on this identification.
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Step 3: Gather Necessary Documents
Obtain the necessary financial records to submit taxes, such as:
- W-2 forms that employers provide.
- 1099 forms for investment or freelancing income.
- Evidence of deductions for things like medical costs, charity contributions, and interest on student loans.
A more efficient filing procedure is ensured by organizing these documents.
Step 4: Select Your Method of Filing
There are several filing choices available under the US tax system:
- The quickest and most effective approach is electronic filing, or e-File, enabled by IRS-approved tax software such as TaxAct or TurboTax.
- Forms can be printed from the IRS website, filled out by hand, and mailed.
Choose a strategy based on your financial circumstances and personal preferences.
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Step 5: Meet the Filing Deadline
The IRS typically establishes April 15 as the due date for filing taxes.
If you don’t file on time, you might be subject to fines and interest. If you require additional time, use Form 4868 to request an extension.
The Bottom Line
Now you know how to become a filer in the US!
You can effectively file taxes in the United States by following these procedures. Guarantee compliance and timely tax filing. It helps make credits and refunds possible. Stay updated on tax developments to get the most out of your tax filing experience.
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