If you have recently become a taxpayer in the United States, filing your taxes can be daunting. You must follow a few key steps to ensure everything is done correctly. But if the entire process sounds too overwhelming to you, don't worry — we're here to help! 

In this blog post, we'll walk you through the process of filing your taxes step by step. By the end, you'll be an expert on the subject! Let's get started.

1. Gather your documents

Keeping all documents related to your income and finances secure is important so you can easily access them when needed. With every approaching tax season, you must ensure to collect your W-2 forms from each employer and any 1099 forms if you are considered self-employed during the tax year. 

Additionally, keep other financial documents, such as receipts and bank statements, organized to be best prepared for filing taxes. Keeping everything organized ahead of time will make the process much easier and less stressful when it comes time to prepare your taxes.

2. Use an online tax filing service or software to calculate taxes

Filing taxes can be time-consuming and confusing, but technological advances have drastically simplified the process. 

Nowadays, it is quite easy to be well-informed when filing your taxes. With a few clicks, you can utilize an online tax filing service or software to input your information and accurately calculate how much you owe in overall taxes. 

It's a quick and seamless process that will save you time, energy, and potentially money, as one can easily avoid mistakes when using this method.

3. File your federal return first, then file your state return (if applicable)

It’s important to know the best order of filing when state returns are also involved in order to avoid errors. 

Generally, you should file your federal return first, followed by your state return (if applicable) afterwards. Doing this helps ensure that all necessary information for each return is correct and allows enough time for each one to be processed adequately. 

Filing your taxes in this order will help keep your finances ordered and save you from potential penalties and extra fees associated with late or incorrect filing of either return.

4. Make a payment plan if you owe taxes

If you owe taxes, you need to have a plan in place to pay them. The IRS offers various payment options that can make the process easier for you. 

You can opt for direct debit and credit card payments for your convenience or set up automatic payment plans so you don’t have to worry about missing due dates. You can also mail in manual payments and set up specific instructions, like a certain dollar amount or date you should be billed each month. 

Contact the IRS directly if your payment plan includes any unusual details, as they may require additional paperwork or documentation. With all these payment methods and options available, you can manage your individual tax bill and successfully settle your tax balance.

5. Keep records of everything in case the IRS audits you

Managing your records is essential to staying organized and up to date with the Internal Revenue Service (IRS). It’s best practice to keep a record of every financial move you make, whether it's purchases or deposits. 

Keeping track of expenses and income dates will allow you to respond quickly if you are ever subject to an audit. Establishing a system to save statements, receipts, tax documents, and more will help you in case of an audit and provide peace of mind that all financial matters are taken care of. 

Having organized records that are also easily accessible should the need for an audit arise reduces stress and makes the experience much smoother for everyone involved.

6. Wait for the refund after filing your taxes

Waiting for a refund after filing your taxes can often be a problematic experience, as you may be expecting funds to be allocated toward important bills or expenses. 

Fortunately, the process for requesting and receiving your return is usually straightforward and quick; however, depending on the complexity of your tax situation and the current backlog of filings, it may take more time to get the refund you expect. 

Generally speaking, most refunds will arrive in two weeks if filed electronically and four weeks if filed with paper returns, so make sure to budget accordingly when planning any sort of financial undertaking with expected funds from your refund.

By following these steps, you can confidently file your taxes in the USA. With a bit of preparation and organization, filing your taxes as a tax newbie in the United States can be a straightforward process. If you get stuck somewhere, don't hesitate to contact a qualified tax professional today to ensure the accuracy and timely filing of your tax returns. 

Congratulations! You’ve just taken care of one of the most important—and sometimes stressful—tasks of the year. By following these simple steps, you can rest assured that you’ve filed your taxes correctly and on time. And if you owe any money, you can set up a payment plan to stay on top of it. Now all you have to do is sit back and wait for your tax refund (or start planning what to do with that extra income!).

About Us 

If you need help with filing your taxes, look no further than Sela Tax & Accounting LLC. We are a full-service firm in Florida specializing in payroll and tax accounting services. We have a team of qualified professionals who can take care of all your accounting needs. You can reach us at 305-747-7424 or fill out our contact form to know more about our tax preparation services in Miami, Florida.