Life Kit How to file your tax returns: 6 things you should know this year
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Feb 23, 2023 Dive into the world of tax filing with valuable tips to ease the process. Discover the latest credits and deductions that can save you money, especially for educators and parents. Learn the importance of planning ahead and strategizing your tax returns for financial control. Unravel the differences between tax credits and deductions, plus how to choose the right tax preparer. With insights to help you file early, you'll be well-prepared to tackle tax season with confidence.
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Filing Methods
- Choose a tax filing method: DIY, software, or professional help.
- Consider complexity, life changes, and planning needs when deciding.
Document Gathering
- Gather necessary tax documents like W-2s, interest forms, and receipts.
- The IRS provides a list of commonly needed documents.
Credits vs. Deductions
- Tax credits directly reduce your tax bill, while deductions lower your taxable income.
- Both offer tax benefits, but credits have a more direct impact.