Tax SeasonYAB 2016

PETER CEGLAREK

Disclaimer

Everyone’s situation unique

No one is an expert

Other than paid experts, of course

My Goal: Reduce anxiety and sense of mystery around taxes

Overview

Why? Just…why?

Things to consider before filing

Free-file online walk-through

Other methods

Q & A

Why do we have to do this?

Double-check system for government

Get you deductions you are entitled to

Give the government money you still owe

Contribute to population statistics

But don’t dive right in…

Roughly how much money did you make?

How were you paid?

Do you have any other sources of money?

Are you registered to work in the U.S., a documented citizen, or national?

Pros and cons

Electronic freefile

Fastest method

Free-est method

If income below $62,000/yr:

Access to free tax-prep software!

Free softwares

TurboTax*** All Free

Online Taxes at OLT.com

TaxACT Free File

H & R Block’s Free File

Other options: only federal taxes

Getting started

SSN or Individual Taxpayer ID Number (ITIN)

Driver’s license or State ID, if applicable

W-2 form, 1098-T form, other tax forms

Nearly ALL of these are sent to you by employers, schools, agencies

Amount you pay in rent, for a car, in insurance, etc.

Amount you pay for school or job-related expenses

Amount of money you received from family or other support

Info on your dependence-status, or those dependent on you

Time

Other Cases

Received unemployment?

1099-G from State of Michigan

Made more than $10 in interest at bank?

1099-INT

Received employer-based health insurance?

1095-C

Experienced significant ID theft?

Form 14039 (Identity Theft Affidavit)

Others?

Visit IRS Filing site

Fear thee not!

For nearly all cases, electronic freefile is completely fine!

In certain cases, you may be required to fill out by paper

1040EZ

1040A

If you make more than $100,000/yr

Why am I telling you how to do your taxes!?!

1040

If you are audited:

Don’t panic

Follow IRS instructions carefully

The Deadline:

MONDAY, APRIL 18th!!!

Usually April 15th

File early!

Avoid penalties

Get your $$$

If you need more time:

File IRS Form 4868

Resources

IRS: Do I need to file my taxes?

freefile

IRS Filing Taxes Resource Site

Forbes Beginner’s Guide to Filing Taxes, 2016

Forbes 2016 Tax Guide

Wells Fargo Quick Tax Guide

Filing Taxes without W-2

Questions?