In 2017, 143.3 million taxpayers in the United States paid $1.6 trillion in individual income taxes.
If you are new to U.S. taxation and are wondering how the process works and how to do your personal taxes, you might easily get overwhelmed.
Thankfully, we’re here to break it all down for you! Keep reading to find out all about filing taxes in the US tax system.
What Are the Tax Basics?
When you’re filing taxes, you’ll need to understand the basics, like what your tax return is and why you need to file it.
The three main terms you’ll have to know when it comes to taxes are filing, claims, and schedules.
Filing is just another word for sending your tax returns to the IRS. When you have a claim, it means that you qualify for something, and you’re taking the money back that they should owe you.
For example, you could claim a dependent. That means you have someone in your care that will earn you tax credits.
Lastly, a schedule is just a special kind of form. It has nothing to do with an actual calendar.
What is Taxable Income?
There are two main types of income that the U.S. tax system can tax you on: unearned income and earned income.
Unearned income normally includes things like interest, dividends, rents, gambling winnings, businesses, alimony, or stocks.
Earned income includes things like wages, tips, commissions, bonuses, unemployment benefits, sick pay, and your salary.
Who Has to File Taxes?
When you find out what income you have to file, you could technically file your taxes by yourself.
This is normally easier to do when you only have one source of income and you’re single. However, you’ll still need to use some websites to do your taxes.
Many people use things like TurboTax or HR Block to do them. However, the IRS also has an Interactive Tax Assistant Tool that will help you file them as well.
If you don’t feel comfortable doing your taxes by yourself, you can also always hire a CPA. They’re accountants who are familiar with filing taxes and will offer to do yours for free.
Some of them will have you come to the appointment and provide all your forms and paperwork. They may ask you questions in order to file them. However, some CPAs will just have you send them the paperwork and will file it on your own.
When Should You Start Filing Taxes?
Regardless of which method you choose, you’ll need to file your taxes by April 15th. Sometimes the IRS will extend the deadline, but in general, you’ll file all of your taxes for the last year by that date.
While some people do wait until the end of the deadline, you should file it as soon as you can. If you don’t, someone else may try to steal your identity and file it under your name. If this happens, it will become a very messy process.
Normally, you can start filing your taxes for the last year on January 1st. However, many businesses or banks may not send out the forms until later January and early February, so you may have to wait until then.
If you don’t have enough money to pay your tax return right then, you can always request an extension from the IRS as well.
If you can’t afford your taxes, you may want to consider hiring an attorney for tax relief.
What Tax Forms Do You Need?
While you’re waiting for your tax forms, you might be wondering what types of ones you’ll get.
Some of them will be mailed to you, but others will be provided online. Even if they’re provided online, make sure that you print out a copy of them so that you can have it handy.
One of the most common tax forms is a W-2. This is a form that your employer will send you, and it tells you how much money you earned for the past tax year.
It’ll also tell you how much of your income tax was withheld from your paychecks.
Most people who work part-time or full-time will get a form like this.
If you had a job but were a contractor or a freelancer, you’ll likely have this form.
You can put all kinds of income on this form, like from your rental real estate, your business, or other random jobs you were paid for.
When you have a 1099 form, you’ll also be able to claim anything that you purchased to help you do your job.
This includes things like a laptop, your gas, cell phone bill, or even the Internet.
If you have any type of loan, you’ll likely get this form. This can be for student loans or a mortgage.
It will tell you how much interest you’ve paid on the loans.
Depending on your earnings, you may even be able to deduct $2,500 of your student loan interest. This can help to lower how much you’ll owe in taxes for the year.
Learn More About U.S. Taxation
These are only a few things to know about U.S. taxation, but there are many more confusing aspects to keep in mind!
We know that figuring out how to file taxes can be stressful and overwhelming, but you don’t have to figure it out all on your own. We’re here to help you out!
If you enjoyed this article, make sure that you explore our website to find more articles just like this one.
Mwaka 2017, walipa kodi milioni 143.3 nchini Marekani walipa dola bilioni 1.6 katika kodi ya mapato ya mtu binafsi. Ikiwa wewe ni mpya kwa kodi ya Marekani na unajiuliza jinsi mchakato unavyofanya kazi na jinsi ya kufanya kodi yako ya kibinafsi, unaweza kupata urahisi. Kwa bahati nzuri, tuko hapa kuvunja yote chini kwa ajili yenu! Soma zaidi kuhusu jinsi ya kufungua fomu ya kodi katika mfumo wa kodi ya Marekani. Ni Nini Msingi wa Kodi? Wakati wewe ni kufungua kodi, unahitaji kuelewa mambo ya msingi, kama nini kurudi kodi yako ni na kwa nini unahitaji kufungua yake. Maneno matatu makuu utakuwa na kujua linapokuja kodi ni kufungua, madai, na ratiba. "Kufungua ni neno jingine tu kwa ajili ya kutuma taarifa yako ya kodi kwa IRS.""" Wakati una madai, inamaanisha kwamba wewe kufuzu kwa kitu, na wewe ni kuchukua fedha nyuma kwamba wanapaswa deni wewe. Kwa mfano, unaweza kudai mtu anayetegemea. Hii inamaanisha kuwa una mtu ambaye unamtunza ambaye atakupatia mikopo ya kodi. Mwishowe, ratiba ni aina ya pekee ya fomu. Haihusiani hata kidogo na kalenda halisi. Mapato yanayopaswa kulipwa kodi ni nini? Kuna aina mbili za mapato ambayo mfumo wa kodi ya Marekani unaweza kukutoza kodi: mapato yasiyo ya kulipwa na mapato ya kulipwa. Mapato yasiyojitolea kwa kawaida hutia ndani mambo kama vile riba, gawio, kodi, ushindi wa kamari, biashara, malipo ya kulipa, au hisa. Mapato ya kazi ni pamoja na malipo ya mshahara, tips, tume, bonasi, misaada ya ukosefu wa kazi, malipo ya ugonjwa, na mshahara wako. Ni Nani Anayepaswa Kulipa Kodi? Ikiwa unajua ni kiasi gani cha mapato unayohitaji, unaweza kuweka faili ya kodi yako mwenyewe. Hii ni kawaida rahisi kufanya wakati una tu chanzo kimoja cha mapato na wewe ni moja. Hata hivyo, bado unahitaji kutumia baadhi ya tovuti kufanya kodi yako. Watu wengi hutumia vitu kama TurboTax au HR Block kufanya hivyo. IRS pia ina chombo cha msaidizi wa kodi ya maingiliano ambayo itakusaidia kuwasilisha. Kama huna kujisikia vizuri kufanya kodi yako mwenyewe, unaweza pia daima kuajiri CPA. Wao ni wahasibu ambao ni ukoo na kufungua kodi na itatoa kufanya yako kwa bure. Baadhi ya watu wanaweza kukupa nafasi ya kuja kwenye mkutano na kutoa fomu na nyaraka. Wanaweza kukuuliza maswali ili kuziweka. Hata hivyo, baadhi ya CPAs itakuwa tu kuwa na wewe kutuma yao nyaraka na faili ni juu ya yako mwenyewe. Unapaswa Kuanza Wakati Gani Kulipa Kodi? Bila kujali njia unayochagua, utahitaji kuwasilisha ushuru wako kabla ya Aprili 15. Wakati mwingine IRS itaongeza tarehe ya mwisho, lakini kwa ujumla, utawasilisha ushuru wako wote kwa mwaka uliopita kufikia tarehe hiyo. Ingawa baadhi ya watu husubiri hadi mwisho wa tarehe ya mwisho, unapaswa kuifungua haraka iwezekanavyo. Ikiwa hufanyi hivyo, mtu mwingine anaweza kujaribu kuiba utambulisho wako na kuufanya uwe chini ya jina lako. Ikiwa hii itatokea, itakuwa mchakato wa fujo sana. Kwa kawaida, unaweza kuanza kufungua mashtaka yako ya kodi ya mwaka uliopita mnamo Januari 1. Hata hivyo, biashara nyingi au benki zinaweza kutuma fomu hadi mwishoni mwa Januari na mwanzoni mwa Februari, kwa hiyo huenda ukalazimika kusubiri hadi wakati huo. Kama huna fedha za kutosha kulipa taarifa yako ya kodi haki wakati huo, unaweza daima kuomba upanuzi kutoka IRS pia. Kama huwezi kumudu kodi yako, unaweza kutaka kuzingatia kuajiri mwanasheria kwa ajili ya misaada ya kodi. Unahitaji Fomu Zipi za Kodi? Wakati wewe ni kusubiri kwa fomu yako ya kodi, unaweza kuwa na ajabu nini aina ya wale utapata. Baadhi yao yatatumwa kwako kwa barua, lakini mengine yatatolewa mtandaoni. Hata ikiwa zinatolewa mtandaoni, hakikisha kwamba unachapisha nakala yao ili uweze kuwa nayo karibu. Fomu ya kodi ya kawaida ni W-2 Hii ni fomu ambayo mwajiri wako atakupelekea, na inakuambia ni pesa ngapi ulizopata kwa mwaka wa kodi uliopita. Pia itakuambia ni kiasi gani cha kodi yako ya mapato ilichukuliwa kutoka kwa malipo yako. Watu wengi wanaofanya kazi ya muda au ya muda wote watapata fomu kama hii. Kama ulikuwa na kazi lakini walikuwa mkandarasi au freelancer, wewe pengine kuwa na fomu hii. Unaweza kuweka aina zote za mapato kwenye fomu hii, kama kutoka kwa mali yako ya kukodisha, biashara yako, au kazi nyingine za random ulizolipwa. Ikiwa una fomu ya 1099 ya malipo, unaweza kudai kila kitu ambacho umenunua ili kukusaidia kufanya kazi yako. Hii inatia ndani vitu kama vile kompyuta ndogo, gesi yako, bili ya simu ya mkononi, au hata Intaneti. Kama una aina yoyote ya mkopo, wewe <unk>ll pengine kupata fomu hii. Hii inaweza kuwa kwa ajili ya mikopo ya wanafunzi au mkopo wa nyumba. Itakuambia ni riba ngapi umelipa kwenye mikopo. Kulingana na mapato yako, unaweza hata kuondoa $ 2,500 ya riba ya mkopo wa mwanafunzi. Hii inaweza kusaidia kupunguza kiasi gani utakachostahili katika kodi kwa mwaka. Jifunze Zaidi Kuhusu Marekani Hizi ni mambo machache tu ya kujua kuhusu ushuru wa Marekani, lakini kuna mambo mengi zaidi ya kuchanganyikiwa ya kukumbuka! Tunajua kwamba kujua jinsi ya kuwasilisha kodi inaweza kuwa na mkazo na overwhelming, lakini huna kujua yote juu ya yako mwenyewe. Tuko hapa kukusaidia! Kama wewe ni kufurahia makala hii, hakikisha kwamba wewe kuchunguza tovuti yetu kupata makala zaidi kama hii.