Need Help With My Taxes

Need Help With My Taxes - January 26, 2023 Lean by Megan Beauchamp, Casey Bond, Sarah Estime, Liz Knoven, Cameron McNair and Stacey Rapcon.

It's that time of year again. No, we're not talking about the new season of The Bachelor. We're talking about tax season. And all the paperwork that goes with it. There are many different types of forms, and you'll probably need a few of them to file your tax return by the April 18 deadline.

Need Help With My Taxes

It depends on your financial situation. Read: whether you worked full-time, self-employed, made investment moves, etc. There are some common tax forms you may expect to receive:

What Documents Do I Need To File My Taxes?

If you earned more than $600 from an employer at any time last year, they are required to send you a W-2. It shows how much income you earned, how much tax was withheld from your paycheck, specific benefit information, and more. If you lose a W-2 form, you may need to go online to access it, or it may be sent to the wrong address. Talk to your HR department to resolve this.

If you had a very busy income, or if you're self-employed, there's a good chance you'll need a 1099-MISC or 1099-NEC form to pay your taxes. Tip: The difference depends on whether you are self-employed or not. If so, you will receive a 1099-NEC. If not, you will receive a 1099-MISC. If you worked for the company as a contractor, the company's human resources department will make sure that you receive the correct form.

Did you receive unemployment benefits in 2022? If so, you will receive a 1099-G from the government. Because yes, unemployment benefits are taxable income.

This form is used to report most types of interest income (think: savings accounts, savings bonds, etc.). The interest you earn on these accounts is added to your ordinary earnings and taxed at the same rate as your income. You will only pay additional taxes if you have earnings from capital gains, Interest or dividends that total more than $200,000 as a single filer or $250,000 for couples filing jointly.

How To Claim Mileage From The Irs Step By Step

You will receive a 1099-DIV if you earned dividends from stocks you own. or if a mutual fund you own has made a capital gains distribution to you. If these situations don't apply, don't worry about this form. But you might want to check with your investment company if you think it's missing.

Do you have student loans? If so, and you paid interest, you will receive a 1098-E. You may be able to deduct this amount from your taxes, depending on your income. This form is usually downloaded from your service's website.

If you paid more than $600 in interest on your mortgage, you will likely receive a 1098. There should be one form for each mortgage you have. If you have not paid the $600 in interest, you may not receive this form.

Did you get health insurance through the federal marketplace? If so, you will need this form. You can find it at healthcare.gov when you're signed in to your account.

Taxable Income: What It Is, What Counts, And How To Calculate

In college or paying tuition this year? If so, you will receive a 1098-T. This form comes from the school and shows the total amount you have paid for tuition and other eligible education expenses such as fees and compulsory course expenses.

Do you have a business that took credit or debit card payments or processed $20,000 worth of transactions on a payment app like Venmo, Zelle, or CashApp? If so, you may receive this form for the 2022 filing year. Even if your transactions do not meet this threshold, you may receive a 1099-K in the mail if you sold personal items. Phew... that threshold is expected to drop to $600 for the 2023 tax year.

Tax season started on January 23 and ends on April 18. Make sure you have all the forms you need to submit so that you correctly report your income to the IRS. are you

Correct a tax refund if you get a refund later, but it's complicated. Organizing all your forms before hitting "File" will help save Future You a lot of time and trouble.

How To Qualify For The Vehicle Sales Tax Deduction

There are many tax forms available, but some are more common than others. You'll likely need to look for a W-2 from an employer or any 1099s if you're self-employed or earned more than $600 from one company. Then see what other forms apply to your life and financial situation. United Way of San Luis Obispo County will offer virtual VITA tax preparation removal services to SLO County taxpayers due to the tax deadline extension.

Enter VITA Open Meetings! Click the button below to make an appointment today! The number of queues is limited and fills up quickly.

Volunteer IRS Assistance is a regulated IRS program that allows eligible taxpayers to have their returns filed by a qualified volunteer for free!

Need help using MyFreeTaxes.org? United Way of SLO County will offer software assistance at MyFreeTaxes.org to help you file your own taxes starting March 5, 2023!

Still Need To File Your Taxes? Last Minute Tips For Late Filers

Volunteers will be available to help you create an account and navigate the software while you prepare and file your taxes. Volunteers will not complete your tax return. See the prep list below.

The California Earned Income Tax Credit (CalEITC) is California's refund and supplemental boost to the federal income tax credit. Studies show that the credit leads to long-term positive outcomes in health, financial stability and education for working Californians. This week, we're celebrating the power of CalEITC and calling on community leaders across the state to help us connect even more eligible Californians, including those in San Luis Obispo County].

More than 4 million Californians earning $30,000 or less may be eligible for the credit in the 2022 tax filing year. Unlike the federal tax credit, the CalEITC applies to eligible households who submit a Social Security card as well as Individual Tax Identification Numbers (ITINs).

With up to $3,417 from the CalEITC in the 2022 tax year—and an additional $1,083 from the Young Child Credit for eligible households with children—hard-working Californians can use their life-changing cash refunds to do everything from paying bills and buying groceries, To pay off debt and set out on the road to financial stability.

Free Online Tax Filing & E File Tax Prep

Money back in your pocket from tax credits like the #CalEITC can feel empowering when you've worked hard for what you've earned! H&R Block's online tax filing service offers more for free than TurboTax Free Edition. Students will love the quick and easy features, while parents can get information about the Earned Income Credit and Child Tax Credit, including the necessary letters to the IRS before filing.

Filed with one of the other guys last year? You can quickly switch to H&R Block. All you need is last year's tax return.

Taxes are not child's play. But if you have eligible children, we can help you claim Child Tax Credit when you apply.

Rest assured that we make sure you get the right credits, including the Earned Income Credit (EIC) – for free!

How To Fill Out Irs Form 1040 (income Tax Return)

Importing information is simple. Grab your phone, snap a photo of your W-2 and be on your way to filing!

File with H&R Block and see your refund updated in real time. You will always know what to expect with us.

You'll get your biggest return with H&R Block. Find a bigger discount elsewhere? Your pre-tax payment is free. 6 Go to the disclaimer for more details

Do you have an income tax notice or other tax notice? We'll help you figure out how to respond to it - for free! we have your back

Should I Do My Own Taxes? How To Know When You Need A Pro

If the software is faulty, we will refund you all the following penalties and interest up to a maximum of $10,000.7 Please see the disclaimer for more details

Surprises are not always good. With H&R Block, you'll get features like audit protection, advance pricing, and more.15 Visit Disclaimer for more details

The newly designed H&R Block Tax Prep app lets you do your taxes on any device, with on-demand help from our tax experts when needed*. Easily import or upload your W-2, then prepare at your own pace. Get started for free and get your maximum return, guaranteed. A white circle with a black border around the upward facing chevron. It says 'click here to return to top of page'.

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What You Need To Know About Severance Packages & Taxes

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