Federal Tax Return

Federal Tax Return | A Beginner’s Guide

Are you dreading the idea of preparing your federal tax return? Relax, we’re here to help. Basic Filing for just $120. This comprehensive guide will take you through everything you need to know to file your taxes correctly. From what forms to fill out to what deductions and credits are available to you, we’ll cover it all. So, sit down with a cup of coffee (or tea), and let’s get started.

federal tax return

What Is a Federal Tax Return?

A federal tax return is a form taxpayers file with the Internal Revenue Service (IRS) to report their annual income and calculate their tax liability. The IRS uses this information to determine whether a taxpayer owes taxes or is due for a refund.

There are two types of federal tax returns: individual and business. Individual taxpayers use Form 1040 to file their personal tax returns, while businesses use Form 1120 to file their business taxes.

Mark Your Calendar

The first step in preparing your federal tax return is to mark your calendar. The IRS typically begins accepting tax returns in late January or early February, and the deadline for filing is April 15th. If you need more time to file, you can request an extension from the IRS, but you will still need to pay any taxes owed by the April deadline.

Know Your Forms

The next step is to know which forms you need to complete your federal tax return. The most common form used for individual taxpayers is 1040. This form is used to report your income, deductions, and credits. You may also need to use additional forms depending on your specific tax situation.

What Information Do You Need to File a Federal Tax Return?

Individual taxpayers need to provide their Social Security number, date of birth, and contact information on their tax return. They will also need to report their income from all sources, including wages, interest, dividends, and capital gains. In addition, taxpayers will need to report any deductions or credits they are claiming on their return.

Businesses will need to provide their Employer Identification Number (EIN) and their business income and expenses. They will also need to report any deductions or credits they are claiming on their return.

child tax credit

Analyze Your Tax Prep Options

There are three primary methods for filing a federal tax return: online, using software, or professional help. Each option has its pros and cons, so it’s essential to understand the differences before deciding which is suitable for you.

a. Filing Taxes Online

The IRS offers free online filing for taxpayers with simple tax situations. This option is best for those who are comfortable preparing their taxes and do not need any assistance. Beware that if you miss a deduction it can cost you big money. We have the ability to file your taxes online with our remote file@home option. Taxpayers who choose to file online can do so through the IRS website or a third-party provider.

  • Free for taxpayers with simple tax situations
  • It can be done from the comfort of your own home
  • Can be completed relatively quickly
  • It may not be suitable for those with more complex tax situations
  • It can be confusing for first-time filers
  • If you make a mistake, it can be time-consuming to fix

b. Utilizing Tax Preparation Software

Tax software is a popular option for taxpayers who want a little more help than what’s offered through online filing but don’t need the assistance of a professional. Tax software walks users step-by-step through the tax preparation process and can provide tips and guidance on how to maximize deductions and credits on earned income tax credit. Some popular tax software options include TurboTax, H&R Block, and TaxACT. Watch out for bait and switch tactics used by some of these providers. They quote a fee on the website and then slam you when you are 80-90% down when you need a little assistance. Get a firm quote before you waste your time/

  • More affordable than professional help
  • Walking you through the process step-by-step can make tax preparation less daunting.
  • If you have a more complex tax situation, you really need professional help.
  • Some online tax software can be challenging to use
  • It’s easy to make mistakes if you don’t follow the instructions carefully
  • Missed deduction or credits can reduce your refund

3. Getting Professional Help

For taxpayers with complex tax situations or those who want someone else to handle their taxes, professional help is available. Taxpayers can work with a certified public accountant (CPA), enrolled agent (EA), or tax attorney.

  • You can have peace of mind knowing your taxes are being handled by a professional
  • CPAs and EAs are always up-to-date on tax law changes, so you can be confident they’re doing your taxes correctly.
  • It can save you time and hassle.
  • It can be a little more expensive than other options

No matter which option you choose, be sure to do your research and understand the pros and cons before deciding. The best tax preparation method for you will depend on your circumstances. If you have a complex tax situation, it may be worth hiring a professional to ensure that your return is filed correctly.

Pay the owe taxes

Get Maximum Federal Tax Refund With Akron Income Tax Co

If you want to get the maximum federal tax refund possible, you should consider using Akron Income Tax Co. We are a professional tax preparation company that can help you prepare your tax by ensuring that you take advantage of all the deductions and credits you are eligible for.

Also, we can help you file your taxes electronically, which can speed up the process and get your refund to you much faster.

The perks of using our services include:

1. Experienced Tax Professionals

When it comes to taxes, you want to make sure that you work with someone who knows what they are doing. All tax preparers at Akron Income Tax Co are experienced professionals. This means that we have the knowledge and skills necessary to help you get the maximum refund possible.

2. Free Initial Consultation

We offer a free initial consultation so that you can learn more about our services and how we can help you. This is a great opportunity to ask any questions you may have and get to know us better.

3. Affordable Rates

Our rates are very competitive, and we offer a variety of payment options to choose the one that is best for you. Our Basic fee is $120 for a simple form.

4. Fast And Easy Tax Refunds

We can help you file your taxes electronically, speeding up the process and getting your refund to you much faster. We also offer direct deposit to get your refund as soon as possible.

If you are looking for a reliable, affordable, and easy way to file your taxes and get the maximum refund possible, contact Akron Income Tax Co today. We would be more than happy to help you with all of your tax needs.

tax year

FAQs

1. How Do I File a Federal Tax Return?

The taxpayers can file their federal tax return electronically using the IRS e-file, or they can file a paper return. The process for filing a paper return is the same as an electronic return, but the taxpayer will need to print out and mail their return to the IRS.

2. When Are Federal Tax Returns Due?

Federal tax returns are due on April 15th of each year. However, taxpayers can request an extension if they need more time to file their returns. Extensions are typically granted for six months, but taxpayers may need to provide additional information to the IRS if they request an extension.

3. What Happens if I Don’t File a Federal Tax Return?

If taxpayers do not file a tax return, they may be subject to late fees and penalties. In addition, the IRS may initiate collection proceedings against the taxpayer.

4. When Can I Expect The Federal Tax Refund?

The IRS issues most refunds in less than 21 days, although some taxpayers may experience delays.

5. How Do I Check My Federal Tax Refund Status?

You can check the status of your federal tax refund by using the “Where’s My Refund?” tool on the IRS website. You’ll need to provide your Social Security number, filing status, and your refund amount.

6. Can I File My Federal Taxes electronically?

You can file your federal tax return electronically using the IRS e-file system. E-filing is the fastest and most accurate way to file your return, and it’s available to taxpayers who file Form 1040, 1040A, or 1040EZ.

7. What Do I Need to Include With My Federal Tax Return?

When you file your federal tax return, you’ll need to include any applicable forms and schedules. For example, if you’re claiming a deduction or credit, you’ll need to include the appropriate form (e.g., Form 1040).

8. How Do I File My Federal Tax Return if I Have Self-Employment Income?

If you have self-employment income, you’ll need to file Form 1040 and Schedule C with your return. You may also need to pay self-employment tax if your net earnings from self-employment are $400 or more.

Get Started Now

If you’re looking for help filing your federal tax return, look no further than Akron Income Tax Co. Our tax experts are here to help you every step of the way, from start to finish. We’ll make sure that everything is filed correctly and on time so you can get your maximum refund. Contact us to get started today.

Menu