How do you do your taxes?

Answer 1

There are several options available in order to complete your federal income taxes. First of all, you must have some sort of taxable income. This can be where you worked for a business or individual (in such cases you should receive a W-2 Wage form from your employer during January or the beginning of February), where you were self-employed (either passive or active income, you should have kept records of both income and expenses) or even other forms of income such as interest from bank accounts, profit from sales of stocks and bonds, alimony payments and even gambling winnings. You can take this information to a professional tax service or CPA (can be costly) or you can take it to your local IRS office where they will prepare your taxes without charge. You can also request information and instructions directly from the Internal Revenue Service and do your taxes yourself, or buy tax software from the nearest Walmart. Another available option is FreeFile offered through the IRS website (www.irs.gov), and there are several online tax companies that offer to let you file your federal income taxes for free but usually charge you for the state return. There are also some nonprofit agencies that recruit volunteers to help people prepare their taxes, but these volunteers don't necessarily have the updated training necessary to complete tax returns.