Yeimy Chicas
Maximizing Tax Savings: Education-Related Tax Credits Explained
Education expenses can put a strain on finances, but fortunately, there are tax credits available to help alleviate the burden. Let's...
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Personal Tax Filing Made Easy
Simplify Your Tax Filing & Maximize your Return with RLS
We understand that filing your individual taxes can be a daunting task. That's why we've created the Ultimate Personal Tax Guide, a comprehensive resource to answer all your questions. Once you're informed about the process and the necessary documents, our easy-to-use platform allows you to file your taxes virtually. We know your schedule is hectic, so our team is always available to provide assistance and answer any questions you may have. If you prefer face-to-face interaction, we also offer in-person appointments. Our goal is to provide you with the guidance and expertise you need to maximize your return. Let us help simplify the tax filing process for you.
An Ultimate Guide to Individual / Personal Tax Filing
Individual taxes, also known as personal taxes, refer to the taxes that individuals are required to pay on their personal income. These taxes include income tax, which is based on the individual's earnings from various sources such as employment, investments, and self-employment. Additionally, individuals may also be subject to other taxes such as property tax, sales tax, and local taxes depending on their jurisdiction.
Filing individual taxes involves several steps. Here is a general outline of the process:
1. Gather your documents: Collect all the necessary documents such as W-2 forms from your employer, 1099 forms for any additional income, and any other relevant financial records. Click here for the Tax Filing Document Checklist
2. Choose the tax filing method: You can file your taxes independently or through a professional tax filing service, like RLS. At RLS we offer in-person and virtual E-filing services for a faster, more convenient tax filing experience.
3. Determine your filing status: Determine your filing status, which could be single, married filing jointly, married filing separately, head of household, or qualifying widow(er). Your filing status determines the tax rates and deductions you are eligible for.
4. Calculate your Gross Income: Calculate your gross income by adding up all your sources of income. This includes wages, salaries, tips, self-employment income, rental income, investment income, and any other earnings.
5. Fill out the RLS Tax Client Organizer: This will help us determine if you are eligible for any tax deductions or credits. Common deductions include those for mortgage interest, student loan interest, education expenses, and medical expenses. It is very important to fill it out thoroughly given that credits can help reduce your tax liability and may include the child tax credit, earned income credit, or education credits.
6. Submit Files to RLS: After completing the tax client organizer, you need to submit it to RLS. You can submit it in person by dropping it in our dropbox located outside our office or by handing it over to our front desk staff during office hours. Alternatively, you can submit the documents online through our Secure Document Dropbox.
7. RLS will Contact You: Expect a call from us within the next 1-2 business days to discuss your numbers. Once we have your approval, we will proceed to e-file your taxes.
8. Pay any taxes owed or receive a refund: If you owe taxes, make sure to pay them by the tax deadline. You can typically pay online, by check, or through other accepted payment methods. If you are receiving a refund, depending on what method you selected, either the money will be deposited into the bank account you provided or a check will be sent out to you by mail. You can check the status of your refund by clicking here.
Ready to file?
Individual / Personal Tax Filing Document Checklist
To file individual taxes, you will typically need the following documents:
1. W-2 Forms: These forms are provided by your employer and report your wages, tips, and other compensation for the year.
2. 1099 Forms: If you received income from sources other than employment, such as freelance work or rental income, you may receive 1099 forms that report this income.
3. Income Statements: If you have income from investments, such as interest, dividends, or capital gains, you will need statements from banks, brokerage firms, and other investment sources.
4. Social Security Numbers or Tax Identification Numbers: You will need these identification numbers for yourself, your spouse, and any dependents you are claiming on your tax return.
5. Deduction and Credit Documentation: If you plan to claim deductions or credits, you will need supporting documentation. This may include receipts for deductible expenses, records of charitable contributions, and documentation for education or childcare expenses.
6. Health Insurance Forms: If you had health insurance coverage throughout the year, you will need to provide information about your coverage on your tax return. This may include Form 1095-A, 1095-B, or 1095-C, depending on your situation.
7. Previous Year's Tax Return: Having a copy of your previous year's tax return can be helpful for reference and to ensure accuracy when filing this year's return.
It's important to note that the specific documents you need may vary depending on your individual circumstances, such as whether you own a business, have rental income, or qualify for certain deductions or credits. It's recommended to consult the official tax guidelines provided by your local tax authority or seek the guidance of a tax professional for specific instructions based on your situation.
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