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Whether you file your tax return using tax software or work with a professional, a tax prep checklist can keep you organized and help reduce stress when it’s time to do your taxes. Here’s a roundup of the tax documents and information you’ll need. What Documents Do I Need to File Taxes?Before you start working on your return, review the tax prep checklist below. And remember, if you’re married and filing a joint return with your spouse, you’ll need all of the following information for them as well. Personal InformationYour personal information tells the IRS and state taxing authority who’s filing a return, where to contact you, and deposit your tax refund.
Dependent InformationIf you can claim someone else as a dependent, you’ll need the following information.
Sources of IncomeYou might receive several different forms documenting the income you received in 2022. Some common ones include:
Self-Employment and Business RecordsIf you’re self-employed, you need to report that income. You can also claim business expenses to lower your taxable income.
DeductionsDeductions can reduce your taxable income, lowering the amount of tax you owe or increasing your refund. Generally, you can claim the standard deduction, which is a flat amount based on your filing status, or itemize deductions. If you itemize deductions, you need information on:
If you have any of the following deductions, known as adjustments to income, you can claim them even if you don’t itemize.
Tax CreditsTax credits are a dollar-for-dollar reduction in the amount of tax you owe. Generally, you’ll need the following documentation to claim potentially valuable tax credits.
Estimated Tax PaymentsIf you’re self-employed or earn a lot of money that doesn’t have federal and state income tax withheld, you may have to make estimated tax payments. Make sure you include those estimates on your tax return, so you don’t pay twice.
Compare the best tax software of 2022Proof of LossesVarious types of financial losses can be deductible. Bring documentation of the following losses if they apply to you in 2022.
Gathering all of this information before you file your return may take some time, but it ensures you have everything you need to claim every tax deduction and credit available to you. Keeping tax documents in a safe place after you file can also come in handy if you get audited. If the IRS or your state tax authority examines your return, they might ask for records supporting the income and tax breaks on your return. Having this information in one place will speed up the process and help ensure you don’t lose any of your deductions or credits. How do I know if I need to pay taxes?Not everyone is required to file or pay taxes. Depending on your age, filing status, and dependents, for the 2022 tax year, the gross income threshold for filing taxes is between $12,550 and $28,500. If you have self-employment income, you're required to report your income and file taxes if you make $400 or more.
Do I need to file income tax Singapore?Filing of personal tax return for tax resident is mandatory if your annual income is S$20,000 or more. Tax residents do not need to pay tax if your annual income is less than S$20,000. However, you may still need to file a tax return if you have been informed by Singapore tax authority to submit your tax return.
What if I forgot to file my taxes?The Failure to File Penalty is 5% of the unpaid taxes for each month or part of a month that a tax return is late. The penalty won't exceed 25% of your unpaid taxes.
When can you no longer do taxes?Anyone over the age of 65 can skip filing taxes if their income is under $14,700 in 2022. If it's a married couple, both over the age of 65, filing jointly their taxable income needs to be below $27,300. If social security is the only income, it is not considered taxable income.
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