Using a Paystub Generator is no less than losing your stress for filing tax returns. It is like breaking out in hives for some people when they are into filing taxes. But you don’t need to worry as your most liked check stub maker is here with a guide to filing returns easily.
Most people dread this time of the year because of the amount of paperwork to be dealt with and the last-minute rush which is made when paycheck stubs are not ready. Thanks to the pay stub generator online, this does not need to be stressful at all. It just takes a few minutes to create pay stubs and you are already done with the very first step of filing tax returns.
5 Steps to file Tax Returns Quickly
1. Knowing the filing deadlines
The very first thing you need to know is the deadlines for filing taxes so you can start preparing for it accordingly. This year, your tax return is due on Monday, 15th April 2019. One was supposed to mail the income and investment interest forms by January 31.
So you need to be very alert about these things. If your tax statements have not been received by the first or second week of February, you need to request them immediately so you can take the documents in processing as soon as possible.
2. Gathering the tax documents
Collect all of the tax documents that you will need in order to do your taxes. This generally includes:
- 1900 MISCs
- Mortgage Interest Statements
- Investment Income Statements
- Deduction Receipts like Childcare, Education costs, Charitable giving, Home improvements, and similar ones
You may choose to make paycheck stubs with free pay stub templates so that you can organize things well.
For those who have recently married and are experiencing the first season for filing taxes as a married couple, here is a list of a few more documents you may need:
- Form 8822 (if you moved)
- SS-5 (if you changed your name)
- W-4 form (for adjusting tax withholdings on the basis of your new household income)
Use the simple rule of thumb if you are not the one who is habituated to keeping things organized: Keep everything in a file until it’s tax time. You will be glad to find them in the place in a sorted way during tax season.
3. Organizing Paperwork
Invest a little in a few manila folders, an accordion file, or a filing system that holds all of the tax documents in one place. When you use paystub maker online and download receipts, keep the habit of printing the receipts. Keep 3 separate folders, one for income, one for deductions, and one for receipts that are not in the form of statements such as medical and home improvement expenses.
4. Filing the taxes
Once everything is ready on hand, you may now proceed to file your taxes with suitable filling options. Most people chose to hire a tax professional instead of opting for a DIY approach.
Sit back and relax as you are done with filing your taxes for this year. The next step is to save the tax documents as you receive them for at least 3 years.
Head over to the most affordable pay stub generator now!
Related Article: Why Graduating Freelancer Should Use Paystub Generator?
When is the deadline for filing tax returns?
The deadline for filing tax returns in the United States is typically April 15th. However, this deadline may be extended in certain situations, such as a natural disaster or a pandemic.
What documents do I need to file my tax return?
The documents you need to file your tax return depending on your situation. Generally, you will need your W-2 or 1099 forms from your employer and any documentation related to other income sources, deductions, and credits. It's a good idea to keep your tax-related documents organized throughout the year to simplify the filing process.
What happens if I make a mistake on my tax return?
If you make a mistake on your tax return, you can usually correct it by filing an amended tax return. You should do this immediately to avoid additional penalties or interest. However, if the mistake was a simple math error, the IRS may correct it and send you a notice of correction. If you're unsure how to correct a mistake on your tax return, it's best to consult a tax professional.