Plan Ahead for Any Refund. The Bottom Line. Key Takeaways First, gather up all of the annual tax documents you've received that record your taxable income and deductible expenses. Most will arrive by the end of January.
If you itemize your deductions, collect all your receipts and organize them by category. Note: If you take the standard deduction, don't bother with the receipts! Dig out a copy of last year's taxes for reference. Your tax pro or your tax software will have all the tax forms you need. Or, you can download them from IRS. Article Sources. Investopedia requires writers to use primary sources to support their work.
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You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Partner Links. Tax Day in the U. The deadline is April 15 in , as in most years.
Individual Income Tax Return Form X is used by taxpayers who need to amend an error in a previously filed annual federal tax return. What Is Tax Season? Tax season is the time period between Jan. Investopedia is part of the Dotdash publishing family. Stay on top of tax-related paperwork throughout the year; it will make your life easier during tax season.
You might want to keep receipts for things like charitable donations, work-related expenses and medical bills, or other items from step 4. You may also want to keep statements from student loans or investments and any grants or fellowships. Having these handy and organized can help you determine whether to itemize and make the process easier. You should keep your paperwork after you file , too. The IRS recommends keeping records for at least three years. If you are a full-time employee, you will receive a Form W-2 detailing your earnings, as well as which taxes were withheld.
If you work freelance or on a contract, you may receive a Form NEC detailing what you earned. When it comes time to file, you will use those documents to fill out a Form —the IRS form for individual income taxes.
Getting a sense of which credits and deductions you may be eligible for can help you pull together the proper documentation. Here are a few to consider:. If you think you may qualify for additional credits or deductions, check the IRS website.
Having your tax documents arrive in January or February gives you about two months to prepare your tax return by the usual due date of April In general, experts recommend filing tax returns earlier rather than later. Think you need some extra time to file? Generally, you can file an extension giving you an extra six-months to submit your return, usually in October.
But if you owe the government money, you still need to pay your tax liability in full by the due date, typically April 15, to avoid penalties and interest.
There are several options for preparing and filing your tax return. Learn about each so you can make the right choice for you:.
Remember that you may need to prepare and file state or local tax returns in addition to your federal return. The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Please also note that such material is not updated regularly and that some of the information may not therefore be current.
Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.
Tax basics. This page looks at what Self Assessment is and whether or not you need to complete a tax return. What is Self Assessment SA? Self Assessment is not a tax — it is a way of paying tax. Do I need to complete a Self Assessment tax return?
Self Assessment therefore does not affect everyone and you will normally only need to complete a form if one or more of the following apply to you: You are working for yourself — you are self-employed ; You are a partner in a partnership business; You are a minister of religion — any faith or denomination; You are a trustee or the executor of an estate.
You also might need to complete a Self Assessment tax return if: You are a company director, if you have income that is not taxed under PAYE; You have untaxed income. This could be, for example, interest that is not taxed before it is paid to you or rental income. You are non-resident and you have taxable income in the UK. This includes non- UK resident landlords. You can find out more on GOV. What are the important deadlines and dates for Self Assessment?
April after the end of the tax year The tax year ends on 5 April and shortly after this date anyone who is required to file a tax return will receive a notice advising that you must file a tax return for the tax year just ended.
Find out more on GOV. What records do I need to keep? You can keep records on paper or digitally. HMRC can charge you a penalty if your records are not complete and accurate. In Self Assessment but not self-employed If you submit your tax return on time, you should keep your records for at least 22 months after the end of the tax year.
Self-employed The normal rule for the self-employed and those letting property is to keep business records for at least five years from the 31 January submission deadline. What do I do if I no longer need to complete a tax return? What if I have not completed a tax return previously?
Notification deadline If you have not received a tax return but you had income or capital gains on the list above , you need to notify HMRC by 5 October following the end of the tax year in which you had the income, or you may face a penalty.
Submission deadlines If you have to file a Self Assessment tax return, you normally have: until 31 October to do so, if you choose to submit a paper tax return; or until the following 31 January if you file online.
This means you have an additional three months for online filing compared with paper. Alfie 2: submission date for return: calculating own tax If Alfie is asked to send in a Self Assessment tax return after 31 July but before 31 October — let us say 1 September — he will have a period of three months beginning with the date of the notice to get the form to HMRC — so by 1 December if he is using a paper return or on or before 31 January if he is filing online.
What is a short tax return? Filing dates are the same as for the full Self Assessment return. What is Simple Assessment? Where can I find more information? What income is taxable?
What tax allowances am I entitled to? What tax rates apply to me? How is my tax collected? What if I cannot pay my tax bill?
Self Assessment: understanding the basics What is Simple Assessment? How do I claim tax back? How do I claim back tax if I complete a tax return? How do I claim back tax on savings income? How do I claim a marriage allowance refund? How do I claim back tax on a payment protection insurance PPI pay-out? Should I use a tax refund company? What is National Insurance? How do I get a National Insurance number? Close 'last page visited' modal Welcome back.
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