The most important thing to remember is the deadline to file federal taxes, which is generally in mid April.
The deadline for state and local taxes depends on your own state, which can be found
here.
Filing a Federal Income Tax Return
To file a tax return for the upcoming year, you need to know how much you made in the year prior. For example, to submit
a tax return before April 19, 2022, you'd need to know how much you made in 2021. The steps to file are as following:
-
Obtain paperwork including:
- W-2 form from each employer
- other earnings and interest statments like a 1099 and 1099-INT form
- receipts for charity donations and medical/business expenses
- Choose your filing status: single, married, divorced, etc. The percentage you pay for housing expenses also affects this.
- Determine how you're filing: it's recommended by the IRS to us tax preparation software to file electronically for easy and more accurate returns. Sites like TurboTax, TaxAct, or H&R Block are good ways to e-file.
-
Figure out if you're taking a standard deduction or itemizing your return.
- the standard deduction amount is based on factors like your income, age, vision, and filing status
- you should itemize deductions if all of them are greater than your standard deduction or if you must itemize deductions due to inability to use the standard deduction
- Learn how to make a tax payment if you owe money, which includes applying for a payment plan.
Federal Income Tax Return 2022
| Tax Rate | Single | Married |
|---|---|---|
| 10% | $0 to $9,950 | $0 to $19,900 |
| 10% | $0 to $9,950 | $0 to $19,900 |
| 12% | $9,951 to $40,525 | $19,901 to $81,050 |
| 22% | $40,526 to $86,375 | $81,051 to $172,750 |
| 24% | $86,376 to $164,925 | $172,751 to $329,850 |
| 32% | $164,926 to $209,425 | $329,851 to $418,850 |
| 35% | $209,426 to $523,600 | $418,851 to $628,300 |
| 37% | $523,601 or more | $628,301 or more |