SubscribeHowever, that does not mean that you will not have questions about how to prepare your return or what a certain 1099 means or how to enter a receipt. Online income tax filing can still be a complicated process and for that reason, there are plenty of services and individuals who can assist you in getting everything organized and figured out.
Being Organized
The first thing to do for online income tax filing is to have all of your paperwork in order. Even the most experienced professional may have a hard time untangling your tax mess if you do not have the W2s, 1099s, receipts and past returns you need to fill out your current return.
Find everything you will need, organize it all into a nice and neat file and then start the filing process.
The most common documents you will need are:
- 1099s
- W2s from every employer
- Receipts from all charities
- Property tax receipts
- Records of the purchase price of all stock and mutual funds sold during the year
- Receipts for medical expenses
- K-1s (if you are a partner in a partnership, or member of an LLC)
- If you own a business as a sole proprietor or single member LLC, your complete business books and records of all income and expenses
The above documents are just for starters. As you go through the process online, you will likely be asked for additional documents. Don’t be concerned–most online filing services permit you to save your progress and come back later.
The Filing Process
When you start filing your taxes, you will want to decide which service is best suited for your needs.
For online income tax filing, there are 19 different websites to choose from via the IRS homepage.
Each site offers a different set of features but is considered trustworthy and tested by the IRS. Visit a few of these websites and view their rules and feature sets to decide which one will best meet your needs.
Tax Preparation Help
When you file your taxes online, you will be given a decent selection of resources to help you in the process. Online income tax filing sites usually provide a full annotated copy of the tax code integrated into their help services, allowing you to figure out what each form and line means.
They will also include a frequently asked questions section for you to find the answers to those questions that many other people have. If the site you are considering does not offer these services, look for a different one that does.
However, if the basic information that an online income tax filing website offers is not enough, you have still more options - though these options may cost you a small bit of money. Many of these websites will feature real time tax support from professionals who can answer your questions. These individuals can be reached via instant message from within the software or via a phone call to the company’s call center. You can also look for local tax preparation experts who may be willing to offer you the same advice for a better price. However, it can be confusing to try and take offline advice for an online return.
The process of filing your taxes online can seem daunting at first, but if you take the time and energy to do the research and be fully prepared when it comes time to answer those automated interview questions, everything is much easier and faster.
Simon Maher is a contributor for OnlineTaxFiler.com
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