If you have a job with a steady, regular income, your employer is most likely deducting taxes. Any tax that you owe on your income will be deducted from your paycheck, and it will go to the government. But sometimes, the withheld tax from your paycheck is mostly not correct. You may end up paying more taxes or less taxes than you should pay. Therefore, when you file your yearly tax returns, it will be determined whether you are paying less tax than you should or paying more than you should be paying (in which case you will get a tax refund for the extra that you have paid. Your tax returns for the year must be filed by April 15 of the following year. For instance, your tax return for the tax year 2019 must be filed by April 15, 2020.
How to file your tax return.
- You can do your tax filing manually through filling the 1040 form and mail to the IRS. If you have any outstanding payments too, you can mail them alongside the form.
- You can use a tax software program which is usually not free. You have to pay a token, answer some questions about your earnings, fill out the 1040 form and submit.
- Hire the services of a tax accountant or preparer who will help you calculate your taxes and file your tax return for you. A tax accountant is also your best bet to maximize your tax refunds. This option is also not free.