Trending News|March 16, 2014 12:20 EDT
How to File Tax Return 2014? Submit 1040 Form, W-2 Form Online - File With IRS or Use Accountant Before Deadline
It's the time of year where many people may be wondering how and when to file federal and state income tax returns. There are various tax filing options available that will make filing your taxes hassle-free.
One option, which is utilized by over 100 million people in America, is to e-file your 1040 tax form with the IRS directly. E-filing the 1040 form with the IRS is free if your household income is under $58,000. If your household income is over $58,000, you can still e-file your tax form but you will have to use a commercial tax filing software in order to do so.
There are multiple commercial tax filing websites available. These options usually have a fee for filing taxes which range from nominal to somewhat expensive.
Another popular choice is to sit down with a skilled tax preparer.
The tax preparer is very similar to using a tax preparation software but you are speaking with a person face-to-face. A tax preparer will select the best tax filing form that fits your needs. With a tax preparer, you can choose to e-file your tax form or mail it via the U.S. postal service.
Whether you fill out the 1040 form yourself or use software or a tax preparer, most of the income details you will use to file your taxes will come from your W-2 form. Your employer will present you with a W-2 form from last year's earnings.
Along with federal income tax, some people will have to file state income tax.
To figure out if you live in a state that enforces an income tax, you can check with the tax commission. The tax commission will also provide information on how to file your state income tax. In general cases, tax software and tax preparers will instantly remind you to file state taxes if they apply to you.
You can file your taxes as soon as you obtain your W-2 form, but you have until April 15 to file your taxes without receiving a penalty. If you think you might be late filing your taxes, you can go to the IRS website and find information on getting an extension. Once you have done your taxes, if you realize you owe an amount of money that would be difficult for you to pay all at once, you can ask whether a payment plan is available from the IRS.
