In 2016, the date is Monday, April 18 for personal returns, as well as for C corporation and estate returns. April 15 has been the deadline since then. March 15 was the due date for taxes until 1955. The 1040 is appropriate if your income exceeds $100,000, if you have one or more businesses, or if you choose to itemize deductions rather than take the standard deduction.

You move to the more complex 1040A form if you must add an IRA, stock investments or want to claim certain tax credits. The typical user is young, in school or does not own a house. The 1040EZ is for people with under $100,000 in total income and no deductions. There are three standard tax return packages:

If you’re the calculator-and-pencil type, you can print forms from the IRS website or pick up a package at your local library. Supporting receipts and documents for any itemized deductions you might claim Receipts and acknowledgements for charitable contributionsĭocuments showing contributions to 401(k) and individual retirement account plans Other forms and documents you may need include:ġ099 forms showing self-employment, stock trading, interest or dividend incomesġ098 forms showing interest on student loans or mortgages The big document at tax time is the W-2 you receive from your employer. Gathering the appropriate paperwork might be the hardest part of the tax return process, but if you’re a filing wizard, it’s not that hard at all. Filing a return when you don’t have to may qualify you for tax credits and possibly a refund of any withheld taxes. Income requirements are different for seniors, heads of households and dependents with income.Įven if your gross income falls below the filing threshold, you may have to file for other reasons, such as to include income from self-employment, because you received tips not reported to your employer, or for health insurance reasons. A single person under the age of 65 with a gross income of less than $10,150 was not required to file a return for the 2014 tax year. Your gross income - meaning your total personal income before taking taxes or deductions into account - must meet certain rules and levels before you’re required to file a tax return. With some care and planning, you can file your own taxes with confidence. tax code is extensive and very specific, the reality is that most taxpayers have simple tax situations and the Internal Revenue Service provides updated instructions annually. Although there’s no question that the U.S. A big myth about filing your own tax return is that the process is too complex for anyone other than an expert to handle.

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