Tax season is officially upon us! It’s now time to gather your documents, review last year’s return, and prepare to file your taxes for 2021. Not sure how to begin? We’ve got you covered! Below, we break down the key steps to take so that you can file your taxes with ease.
Step #1: Decide how you’d like to file
Perhaps the very first step to take when filing your taxes is to determine what help you might need, if any. If you want to file your taxes on your own, you now have SO many options for doing so. Conversely, if you decide you need the assistance of a tax professional, you can go this route as well. Of course, some companies even offer a hybrid model of sorts whereby you file your return yourself but have access to a tax professional for questions, if need be. Ultimately, whichever method you choose depends on the complexity of your situation and what you are most comfortable with.
The good news?
Filing your taxes has never been so easy to do. Gone are the days of digging through paperwork and hoping to make sense of the numbers all by yourself. Companies like H&R Block now make it incredibly simple to file your taxes without even having to leave your house. You can now elect to do your taxes online (yourself or with some added help), or in person (by meeting one-on-one with a tax professional at a safe distance). The choice is yours!
Step #2: Understand pricing
Before you begin making any arrangements, be sure you understand the costs associated with filing your return. There may be a fee involved for preparing and filing the actual state and federal returns, as well as fees associated for the tax professional’s time. Make sure you fully understand the possible fees involved as you select your tax filing option.
Note: H&R Block doesn’t want you to be surprised at tax time, so they offer upfront and transparent pricing from the get-go. This way, you always know the price before you even begin so you can avoid any big surprises.
Step #3: Get organized
Once you’ve decided how you would like to file your taxes, the next step is to get organized. Having the right documents available and handy is key for making the filing process a smooth one. Here’s a helpful list of everything you might need to have on hand.
Step #4: Begin preparations
Now that you have gathered the proper documents, it’s time to officially begin filing. Clear your schedule for a short period of time and reduce distractions so that you can focus your efforts on the task at hand.
Next, log on to H&R Block to get started with one of their online solutions or download their filing software. Their website prompts you to analyze your current situation to help pair you with the right tax service solution. For example, if you have kids, have investments, and are self-employed, you’d make those selections right on the page. From there, you’ll be provided with a list of their tax solutions that would be most helpful for filing based on your situation. Some more good news? You can get started for free with any of H&R Block’s online programs to see if the program is a good fit before you really dig in. Even better? H&R Block Online supports more forms for free than TurboTax.
Step #5: Submit payment or choose how to receive your refund
Depending on the outcome of filing your return, you will either receive a refund from the government or you will be responsible for covering any unpaid taxes. Fun fact: Over 70% of people who file get a refund! If you do “owe” on your taxes, you can either write a check to the Internal Revenue Service or you can elect to have funds directly withdrawn from your bank account. Conversely, if you are entitled to a refund, make sure you elect to either receive your funds via a mailed check or by direct deposit into your bank account. Regardless of which camp you fall into, make sure you designate your payment preferences when you file your return.
Wondering about what your refund may look like? Check out H&R Block’s tax calculator here. And remember- with H&R Block, your maximum refund is guaranteed.
Step #6: File your tax records
One of the great advantages to filing your tax return electronically is that you will receive prompt confirmation that your tax return has been received by the Internal Revenue Service. Once you have received confirmation that your tax return has been received and is being processed, it is wise to make a copy of your return and file it along with any other tax documents for safekeeping with your own personal records. If you choose to use H&R Block, they’ll actually keep a copy of your filed return (along with all of your other tax documents) in a safe spot for up to six years in their secure portal, MyBlock. This will make filing your taxes in future years much easier!
As you can see, filing your taxes can actually be an enjoyable experience (hello, refund!) when you take the time to prepare in advance and use a tax preparation tool designed for your specific situation. For more on H&R Block and their tremendous tax programs, software, support, and resources, visit this link here!
This post is sponsored by H&R Block and may contain affiliate links. We’d like to thank them for their partnership and dedication to helping educate women on their retirement options and empower them to own their financial futures.
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