The first thing to note is that whatever status you are at the end of the year is what you will file, so on 12/31 22 if you are divorced, you will be filing a single, and if you support another person, you will be filing head of household.
All estimated taxes of the previous year have to be paid by April 15th of the following year – even if the filing isn’t completed – which can be by October 15th.
Penalties are incurred if you don’t file taxes.
Adjusted gross income – is the total income you report that’s subject to income tax—such as earnings from your job, self-employment, dividends and interest from a bank account—minus specific deductions or “adjustments” that you’re eligible to take
Taxable income – what you actually pay taxes on.
Payments or credits – what was withheld on your statement?
Amount refunded – what you will get back.
Weighted average – total tax divided by adjusted gross income.
1040 is the standard income tax return form
W-2 Wages form from an employer
Should I hire a professional to do my taxes?
I think hiring someone is a good idea. Your role is to be very accurate in providing all your information.
How much does it cost to have a person do your taxes?
There is a range depending on how complicated your taxes may be. The cost would be higher if you owned a business and had a K-1 versus a single person’s tax form.
Is it bad if I get a large tax return?
A large return simply means you had too much withholding taken out of your payroll. This can happen when you are a two-income earner household and you are both withholdings. It also means that these additional funds could have been yours to invest or use as needed. It would be time to review your withholding to plan accordingly for the next year.
Filing statuses include:
- single
- married filing jointly
- married filing separately
- head of household
- and qualifying widow(er) with a dependent child
