The 5 Steps To Doing Your Taxes, As (Ironically) Told By Donald Trump
Because paying nothing in federal taxes doesn't make you "smart."
It's officially the year 2017, and tax season is right around the corner! If you're a first-time filer and not sure what to expect, you don't want to, oh I don't know, evade your taxes or break the law by misrepresenting your income. Follow these 5 simple steps to fill out your taxes accurately, as told by Trump — irony intended.
Step 1: Mark Your Calendar
You should receive all necessary paperwork from your past and present employers in the mail by January 31. Don't forget about them and let them collect dust. Every year, Tax Day falls on April 15, meaning you have to file everything by then.
Step 2: Get Your Papers In Order
If you worked for anyone as an employee and earned $600 or more in one year, you should receive a W-2 form in the mail detailing your paycheck amounts, income withheld, etc. If you worked as an independent contractor and earned less than $600, you will need to fill out a 1099 form and self-report your income. You should also collect any mortgage interest statements, charitable donation receipts, and other deductions such as childcare and education costs.
Step 3: Consider Hiring A Professional
If you're nervous about making a mistake or simply don't have the time or energy to do your own taxes thoroughly, you might want to hire a professional. There are plenty of affordable options who will do all the work for you so you don't have to stress about it. All you have to do is hand over all relevant documents and you're done!
Step 4: File Your Taxes
If you want to go it alone and file your taxes by yourself, sites like TurboTax make it extremely quick easy for you to fill out the proper information. You can even save your profile's basic information to make filing in subsequent years even faster.
Step 5: Relax
Once you've filed your taxes, take a deep breath and relax. Be glad you filed them on time and that you no longer have to worry. You may even get a nice paycheck back from the government!
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