Filing your taxes can be overwhelming. Sometimes it’s hard to determine where to file, who to file with, and what to bring when you file. Here are some simple steps to follow when preparing your tax return that can help relieve some of that worry and make your filing experience stress free. The IRS will start accepting 2020 tax returns on February 12, 2021, so it’s time to get started!
3 Important Steps to Follow When Preparing Your Tax Return
Step 1: Gather All of Your Necessary Information
There are a few items that you will need to file your taxes. These items are:
- Proof of Income (W-2’s, 1099’s)
- Deduction Paperwork (Student loan interest, mortgage interest, charitable donations)
- Proof of Health Insurance (1095 Form)
Step 2: Choose Your Tax Preparer: In-Person or Online Service
There will be someone to help you along the way so choose the option that makes you the most comfortable. A few options are:
- H&R Block
- Affordable fees for simple returns:
- Federal-$45, State-$35
- Fees increase if claiming dependents, business owner, or farmer
- Emerald “Debit” Card – Available for refund direct deposit, and to pay H&R Block’s Fees
- Refund Advance Available-receive part of your refund early-no interest charged
- Emerald Advance
- You can get a loan on this card before receiving your refund if you qualify
- This loan has a high interest rate and must be paid back by February 15th
- Affordable fees for simple returns:
- Tax ACT
- Simple federal returns can be filed for free
- $34.95 fee for state return
- Turbo Tax
- If you qualify, you could file your return for free
Step 3: File Your Taxes Before the Deadline
It is important to file your return on time to avoid any late fees or penalties.
- The 2020 deadline to file, when taxes are owed, is April 15, 2021
- The April 15th deadline can be extended to October 15th, but interest will accrue on taxes owed.
Questions? Our Nebraska Law Firm Can Help Get You Squared Away
At Steffens Law Office, we are dedicated to helping you get a fresh start and want to make filing your taxes as stress free as possible. If you are owed a refund, it may be your best choice to use it to help pay for your bankruptcy fees and wipe out your debt! For more information, contact us online or by e-mail at steffenslaw@gpcom.net or call us at 308-872-8327.