Video instructions - Filing Tax Return 101

Instructions and Help about Tax Filing 101

Basics of filing your income taxes because it can be nerve-wracking each and every year especially so if you've had a big life change that will impact your tax situation let's get into the most common questions we've heard over the years what counts as taxable income well here we are what is taxable income for your future trivia needs and to be the smartest person in the room the short answer is easy and it's that simply unless specifically excluded in the law and that's not many items all income you get is taxable there is no minimum reporting not even one dollar now let me break it down more in depth for everyone all worldwide income is to be reported on your income tax return

FAQ - Tax Procedure 101

1040: People use Form 1040 to file their annual income tax returns. ... W-4: Use Form W-4, also called Employee's Withholding Certificate, to tell your employer how much in taxes to withhold from your paycheck. ... 1040-ES: You can use a Form 1040-ES to estimate how much you owe in taxes and pay them.
Social Security documents. Income statements such as W-2s and MISC-1099s. Tax forms that report other types of income, such as Schedule K-1 for trusts, partnerships, and S corporations. Tax deduction records. Expense receipts.
Your name exactly as it appears on your Social Security card. Date of birth. Social Security number. Home address. Copy of last year's federal and state tax returns. Bank account number and routing number to receive your refund by direct deposit.
Look through the Filing Tax Return 101 and discover what you didn't know about the taxes. Here's everything you need to know before you start to file yours.