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How to File Taxes Correctly

1.

Determine if you want to complete your taxes yourself or pay for a professional to complete your tax forms and file for you. Base this decision upon the complexity of your earnings and losses, how much you can and are willing to pay, your schedule and confidence level with completing this task yourself.

2.

Gather all paperwork needed to file your taxes including W-2 statements, 1098 and 1099 forms, receipts and any other documentation pertinent to your tax filings. Although these may or may not be required at the time of submission, they are needed as reference to ensure you're capturing the correct information on your tax returns.

3.

Complete your tax returns using the proper forms or a software application such as Turbo Taxes or TaxAct. These applications will guide you through completion and remind you of laws and flag potential errors before submitting them.

4.

Review your tax forms with a professional. A second set of eyes, especially a professional, will further ensure you've filed your taxes correctly. Professionals often offer a guarantee against incorrect tax filings with a disclaimer that you must report all earnings.

5.

Obtain confirmation that your taxes have been filed. If filing electronically, you will receive a confirmation email stating that your tax return has been accepted by the IRS. If using a tax profession, ask for written confirmation showing when and how your taxes have been filed.



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