1. Review your tax documents.
Tax payers should review their tax documents to ensure they have all the information they need to file their taxes. This includes W-2s, 1099s, and other tax documents.
2. Check for any changes in your family status.
Taxpayers should update their information with H&R block if there have been any changes in their family status since the last time they filed taxes. This includes changes in marital status, dependents, and income.
3. Consider itemized deductions or the standard deduction.
Taxpayers can choose to take the standard deduction or itemize their deductions. Itemizing deductions can result in a larger deduction, but not everyone will benefit from itemizing.
4. Look into credits you may be eligible for.
There are a number of credits available to taxpayers, and many people are unaware of the credits they may be able to claim. Credits can reduce the amount of taxes owed or result in a refund.
5. Report income and losses from investments.
Taxpayers who have income or losses from investments need to report this on their tax return. This includes income from stocks, bonds, and other investments.
6. Determine if you need to file Schedule C or C-EZ.
Self-employed taxpayers often need to file Schedule C, while taxpayers who have simple businesses may be able to file Schedule C-EZ instead.
7. File your return electronically or by mail.
Taxpayers can choose to file their return electronically or by mail. E-file is faster and can result in a refund sooner, but not everyone is eligible to e-file their return.
8. Check your credit report for accuracy.
It's important to check your credit report for accuracy before filing your taxes. This includes checking for incorrect information such as addresses, employers, and Social Security numbers.
9. Review your tax return for errors.
Even with the checklist, it's possible for taxpayers to make mistakes on their tax return. It's important to review your return carefully for any errors before filing it.
10. Get help from a professional if you need it.
Some taxpayers may need help preparing their tax return and H&R block offers free assistance from professionals who are experts in tax preparation. This service is available online, by phone, or in person.