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Trending 8 tips for getting the most out of your checking account 6 steps to help a middle or high schooler budget How teens manage their money: What parents need to know. Trending Decoding your tax bracket Beyond salary: Benefits may matter more than you think 6 steps for first-time tax filers. Personal Banking. Share Close share. Save Close save Added to My Priorities. Quick Tip. If you are not a full-time student and are not being claimed as a dependent, you may be eligible for a tax credit if you contribute to a retirement plan.
The amount of the credit depends on your filing status and adjusted gross income. However, these numbers are subject to change in future tax years. Student loan interest. Charitable deductions.
Donating to your alma mater or a favorite charity? Generally, you can deduct those donations if you itemize your taxes. Freelance expenses. If you are self-employed, you may be able to claim deductions for work-related expenses such as industry subscriptions and office supplies. Tax preparation software: If you want a bit more guidance, you can pay a fee to use these online tools, which are available through several providers.
Tax preparer: If you realize that you need one-on-one help from an expert, you can go to a tax preparation firm or an accountant. Make sure you work with someone you can trust.
You will be giving this person access to a lot of sensitive personal information, so choose a tax professional carefully. If you mail a paper Form , U. Home File Individuals How to File. Alert Due to staffing issues, processing paper tax returns could take several weeks longer. E-File Options, including Free File.
Mailing Addresses. To make sure you file those on time, find out the tax filing due dates in your state. If you owe money and do not file and pay your taxes on time, you will be charged interest and a late payment penalty. If you will be getting a refund, there is no penalty for filing a late return. The IRS will begin accepting and processing federal tax returns on January 24, To get your tax return started, you'll first need to find out how much money you made in Then you'll need to decide whether to take the standard deduction or itemize your return.
Finally, you'll need to submit everything by April 19, , if you live in Maine or Massachusetts or April 18, , for the rest of the country.
Other earning and interest statements and INT forms. Receipts for charitable donations and medical and business expenses if you are itemizing your return.
Choose your filing status. Filing status is based on whether you're married. The percentage you pay toward household expenses also affects your filing status. Decide how you want to file your taxes.
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