There is no question that filing taxes is both stressful and confusing. Even the terminology can sometimes send us down the wrong path. For example, many people will be asking for the 2015 tax forms to submit for this year rather than the 2016 forms. This is a common mistake that many taxpayers make as they tend to confuse the term "Tax Year" with the "Tax Season."
Not the Same
During the 2016 Tax Season, you will be allowed to prepare and electronically submit your tax returns for the 2015 Tax year by going to Efile.com. That means that between the dates of January 1st, 2016 and April 18th, 2016 (the Tax Season) you can file your taxes on the income earned throughout 2015 (the Tax Year). If you choose to file electronically you won't need to print out any forms or download anything. The software will automatically select the right forms and schedules for you to fill out. You'll simply need to answer a few basic questions and then fill in the blanks. The program will even do all the calculating for you.
If You Don't E-file
There may be several reasons why you may not wish to file electronically. You may want to file for scheduled deductions, claim business expenses, or you need to file taxes for a previous year. Whatever the case, you will need to hire a tax preparer or do the paperwork yourself. If you find that your taxes will be complicated, you may discover that getting a professional tax preparer or an accountant to file the taxes for you could be a wise alternative. They are not only well versed in the new tax laws, allowable deductions, and credits that you may not be aware of, they could save you a considerable amount of money on your tax due overall.
Other Forms You May Need
If you plan on itemizing on your 2015 tax forms, there are additional forms you may need. If you're self-employed you'll need to file a Form 1040 Schedule SE. If you're a nonresident alien you'll need the Form 1040-ES (NR), and if you're a student or are claiming to be a student on your taxes then you'll need a Form 1099-T.
It is clear that there are countless forms that you may need to itemize your deductions depending on your personal circumstances. Some people may have to claim extra medical expenses, others may have to pay on their unemployment taxes and still others may have student loan payments that need to be reported.
Whatever the case, the most important thing you need to remember when filing your 2015 tax forms is that you cover all your bases. Visiting their online site and checking for all of the details involved in the process will help immensely in getting your taxes filed not just in a timely manner but with the correct information. We all have to pay taxes in some way or another, but the more time you spend making sure you've done it right the less worry you'll have in the future of problems with your taxes coming back to you.