It's that time of year again; time to file your income taxes. Even if you think that you may be receiving a refund this year, the idea of filing your taxes is probably one that is somewhat stressful. Filing one's taxes is akin to getting a root canal in the opinion of most people. This is mainly because the entire process can be lengthy and complicated. Fortunately, today it is much easier to file your income tax reports than it once was. You can go online and handle your income taxes, use an income tax preparation software program or you can consult a professional. Either option will make it easier for you.
When filing your income tax forms there are a few things that you should know to make sure that you get it right the first time. First, you need to make sure that you are using the right income tax forms. The forms will usually state restrictions and let you know which forms are available for which circumstances. The easiest of all the income tax forms is the 1040EZ while the most complicated is the 1040, also known as the long form.
You may also need to use other income tax forms based on your specific situation. If your situation is somewhat complicated it is a good idea to consult either an income tax preparation program or a professional to make sure that you do not overlook any steps.
You should also be aware of any possible income tax deductions which you may be able to use in order to lower your total tax liability. The income tax code does undergo some changes from year to year so it is important to make sure that you are up to date on possible changes. The best way to do that is to consult a professional or an income tax preparation program. This will help to ensure that you do not overlook any possible deductions that you may be able to claim for this tax year.
Remember that while filing your income taxes may seem as though it would take a long time and be complicated, it does not have to be that way. With a little help and guidance you can have your taxes filed quickly and out of the way so that you do not have to worry about them again. At least, that is, until next year.
There no state tax in South Dakota but you can find more information about other tax forms here:
Income Tax Preparation
Tax preparation is often a stressful and time consuming affair for many taxpayers. Whether you choose to hire someone to help you with your tax preparation often depends upon how complicated your situation happens to be.
If you are single and do not make more than a certain amount of money then you may be able to handle your tax preparation on your own using one of the simple 1040 forms. On the other hand, if you are filing jointly and you and your spouse both have income that might cause you to need to complete the long form then you might feel more at ease in gaining professional assistance with your tax preparation. You might also need assistance with tax preparation if you own a business and/or if you have investments in stocks, bonds or real estate.
When looking for someone to help you with tax preparation it is important to look for someone you can trust. Check with the Better Business Bureau to find out if there have been any complaints filed about that tax preparation service. Talk to your friends and family members to gain referrals for possible services you might use when you are ready to file your taxes.
Keep in mind that if you are a senior citizen and/or you have a fixed or low income then you may also qualify for assistance in preparing your taxes as well. Many localities offer free tax preparation assistance to the elderly, the disabled and those with low incomes. Your local library may have more information about services which may be available in your local area.
In addition to hiring someone to help you with your tax preparation you might also think about using a software program to help you. In the last few years many taxpayers have turned to using tax preparation software to assist them in completing and filing their taxes. Tax preparation software can be advantageous because it allows you to prepare your taxes right at home without the need to gather up all of your documents and take them to an outside location. You can also take care of it when it is convenient for you rather than having to make an appointment. There are even tax preparation programs that will walk you step by step through the entire process, asking you questions along the way to help guide you in preparing your taxes.