So you’ve made it through another year successfully. You’ve paid your rent and bills and managed to keep food on the table. All done, right? Almost. You still have to do your taxes. Thankfully, there are multiple ways for apartment dwellers to file taxes.
When Are My Taxes Due?
The cutoff date for filing either your taxes or an extension is April 15th. The only exception is when the 15th falls on a weekend or a legal holiday. Then, it’s pushed to the next business day. While your return only has to be postmarked by the 15th, it’s best not to leave it to the last minute.
How Do I Do It?
Accountants are the priciest option. However, it might be worth the price, especially if you have more complicated situations like foreign income or child support.
Tax software is cheaper. Typically, the federal return is free, but the state return is not. The software walks you through all the necessary steps, but you do have to complete it yourself.
The pen-and-paper option is, of course, completely free. However, you’ll have to figure it all out on your own without any guidance. You can download the forms from the IRS website, go to a Taxpayer Assistance Center (TAC), check your local library or post office, or call 1-800-TAX-FORM (800-829-3676).
You’ll also need all relevant tax documents. The most common one is Form 1040. That’s typically provided to you by your employer. But there can be several other forms, depending on your individual circumstances and any changes the government may have put into place in the last year.
What If I Just…Forget?
It may take the IRS a while to notice, but they will. And that can result in various penalties. Besides, if you’re getting a refund, why wait? The longer you put off doing your taxes, the longer you’ll have to wait to get your money, especially state refunds.
If you have any other questions, you can look them up on the IRS website.
Text by Bo King