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Yahoo
12-04-2025
- Business
- Yahoo
The last-minute tax tips you need ahead of Tuesday's deadline
(NewsNation) — The deadline to file taxes in the United States is looming, with Tues. April 15 the cutoff day. It was first introduced in 1913, coinciding with the ratification of the 16th Amendment. It is the final day—barring an exemption—to file taxes without penalty. Despite common thought, you can file your taxes for free, here's how. To file your taxes, you need several documents. These include a variety of personal information and income-related data. According to the IRS, you need: Personal information: Social security number or individual tax ID number Bank account and routing numbers if using direct deposit for refunds Adjusted gross income Refund amount from previous tax return Current address Self-select PIN if you e-filed last year IP PIN if you were a victim of identity theft Tax calculator: How much do I owe in taxes? Income: Paycheck stubs W-2 form Bank statements or documents from other payment apps or online marketplaces Checks addressed to you Unemployment payments If you didn't get a W-2, you may have received a 1099 form, which shows other types of income. Common types include a 1099-K for payments received through online marketplaces such as PayPal; a 1099-G for government payments such as unemployment benefits; a 1099-NEC for contractor or freelance work; and a SSA-1099 for Social Security benefits. To take advantage of tax credits, you will need to provide other documents, such as: Childcare or dependent care expenses Home mortgage and property tax records Charitable donations Health savings account or flexible spending account contributions Health care expenses Retirement contributions Education expenses (for students and teachers) Budget calculator: Calculate your monthly budget using the 50/30/20 rule Direct File, which came into effect in 2024, is a free tool available in 25 states to persons filing federal returns directly with the IRS. The Treasury Department estimated that one-third of all federal income tax returns filed could be prepared using Direct File last year. It is available in: Alaska Arizona California Connecticut Florida Idaho Illinois Kansas Maine Maryland Massachusetts Nevada New Hampshire New Jersey New Mexico New York North Carolina Oregon Pennsylvania South Dakota Tennessee Texas Washington state Wisconsin Wyoming A transcript can be requested of your account history, which includes wage and income information from any given tax year. Through this, you can assess your payment history and the amount of money you owe. To access this, you must provide your Social Security number. To beat the tax deadline, you can receive the transcripts online. Volunteer Income Tax Assistance sites across the country are staffed with volunteers who will help you file a return or arrange for an extension for free. These volunteers can help you set up an installment payment plan of as many as 72 months to pay off any owed taxes. What are the 401(k) contribution limits in 2025? First and foremost, if you cannot meet the deadline, you can file an extension. Form 4868 is what you need to gain an extension via the IRS Free File platform. This must be completed before Tuesday's deadline. It does not extend the timeline to pay taxes. If you don't file a return or ask for an extension, then interest and penalties begin to accrue immediately. Those costs are largely avoidable if you share the information about your circumstances with the IRS in a timely way. Filing a return without paying taxes owed in full is preferable to not filing. IRS deadline for stimulus checks approaching, here's if you qualify If you don't pay all the taxes you owe by the April 15 filing deadline, interest will accrue even if you've been granted an extension to October, but that interest will be more manageable than fees that add up when you pay no taxes at all. If you've experienced unusual hardship, and you share that with the IRS, the IRS can sometimes put your account in 'currently-not-collectible' status. To do that, you share information about your income and living expenses, and the IRS determines if you qualify. NewsNation's Ashley Soriano and the Associated Press contributed to this article. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
31-01-2025
- Business
- Yahoo
What do you need to file your taxes?
(NewsNation) — The Internal Revenue Service has started processing 2024 tax returns, and taxpayers have until April 15 to submit theirs without a penalty or authorized extension. In order to file your taxes, you will need a host of documents, including personal information and income. Here is what you need, according to the IRS. Tax return FAQ: What you should know to file your taxes Personal information: Social security number or individual tax ID number Bank account and routing numbers if using direct deposit for refunds Adjusted gross income Refund amount from previous tax return Current address Self-select PIN if you e-filed last year IP PIN if you were a victim of identity theft Income: Paycheck stubs W-2 form Bank statements or documents from other payment apps or online marketplaces Checks addressed to you Unemployment payments If you didn't get a W-2, you may have received a 1099 form, which shows other types of income. Common types include a 1099-K for payments received through online marketplaces such as PayPal; a 1099-G for government payments such as unemployment benefits; a 1099-NEC for contractor or freelance work; and a SSA-1099 for Social Security benefits. Credits or deductions: You will need to provide certain documents to take advantage of tax credits. Child care or dependent care expenses Home mortgage and property tax records Charitable donations Health savings account or flexible spending account contributions Health care expenses Retirement contributions Education expenses (for students and teachers) What to know about filing taxes in multiple states Intuit TurboTax, a tax preparation company, recommends submitting your return online and setting up direct deposit for refunds. Filing online also allows you to upload electronic W-2s, which auto-populate information, saving you time. The IRS generally issues refunds within 21 days of accepting your online return. 'The average refund was close to $3,000 last year for a lot of people. That's the biggest check they get all year, so definitely go online and file,' Lisa Greene-Lewis, certified public accountant and TurboTax tax expert, told NewsNation. 'I would gather everything all in one place.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
