FILING TAXES: WHERE TO START

Filing taxes can be a challenging process and seem pretty overwhelming. I know the first time I sat down to file my own taxes, I didn’t know where to start, what to collect or  which form to file with. But fortunately, Tropical Financial offers Turbo Tax as a FREE Resource to its members. So I knew that I at least needed to start there.

How to get Turbo Tax?

If you are a Tropical Financial member just log in to online banking and click Turbo Tax. It’s that simple!  Once you’re inside Turbo Tax, it will guide you step by step and even help you find deductions that you might not have realized.

What to File?

Whether you use Turbo Tax or not, it’s still important to know and understand what to file and how to file taxes, after all it’s something that we are required to do. The first step is to make sure you have the right form.

Form 1040 has several versions depending on the complexity  of your deductions.  For instance, the 1040 EZ is great if you’re young making less than a hundred grand and you don’t have any kids. Hmmm... this sounds a lot like my case.

But, if you do have children and you’re contributing to a retirement fund such as a 401K then you going to need the 1040 Short form.

Finally, if you’re making over $100,000, you’ve recently sold stock, bonds or property, you’re going to use the 1040 Long form since you have a lot more information to share. Yeah, this is definitely not me!

Once you’ve viewed the various form options and found the form that best suits your needs, then the fun starts…filling them out. Yes, this part can be tedious but it’s important to be as accurate as possible and fill it out with all the proper information like your social security number, your spouse’s social security number if you’re filing a joint account and even all of your income information.

The more you have gathered together when you start the tax process the easier it will be. If you are constantly breaking to find missing documents, you might forget items which could give you deductions or it might take you longer than it should to file your taxes.

I need more help!

If you still need more help, which is understandable… trust me I ask tons of questions when filing my taxes, the IRS offers free tax return preparation information. This is a great resource if you’re looking for guidance but you don’t want to spend a ton of money to get the help and answers needed.

And if that isn’t an option... search the internet. There are so many free resources online that can help and guide you with your taxes and maybe they can provided avenues to get your questions answered. There are tons or resources out there, sometimes you just have to look for them.

Good luck this tax season and I hope you get a big return on your taxes.

^Alysha