As the beginning of the fiscal year draws closer, the humongous task of filing tax returns too comes knocking at your door. For many citizens, filing tax returns proves to be quite an ordeal as not all of them are well-versed with the art of managing their finances. Doing their taxes and filing for returns can be an unpleasant task for such people. However, one of the easiest ways to do your taxes and file returns without breaking a sweat is by hiring professionals to do the same. Also, doing so will require you to shell out a substantial amount of money. If you are low on funds currently and do not wish to spend money on hiring a tax professional, then there are other ways to file tax returns for free. It is common knowledge that you have to file for your returns before April 15, 2019, which is why people who aren’t equipped with the resources to do their own taxes and file the returns need to find reliable sources to help them in this endeavor. To ensure that you file your tax returns without any hassles, you can adhere to either of these below-mentioned free methods of filing tax returns.

Filing the annual income tax return can be quite frustrating for a lot of people and businesses as well. Once the returns have been filed, one has to wait to know the e-file tax refund status. Earlier, it used to quite a hassle to check the refund status. Now, with 24/7 helpline numbers and online methods, it has become fairly easy to know when one can expect their refund in their account. The Internal Revenue Service (IRS) has its own hotline number to help people know the tax refund status. Moreover, there are a number of websites that offer all the essential assistance right from filing tax returns to knowing about the refund status. Here are a few simple tips to help find e-file tax refund status. When to check the tax refund status? The e-file tax refund status can be checked 72 hours after the IRS acknowledges the receipt of the tax return that has been filed online. In the case of a paper tax return, status can be checked after three to four weeks. In general, the tax refund date is usually 21 days after the IRS tax return acceptance date. If one chooses the bank direct deposit method, the refund is done quite sooner (up to 7 days).

A tax return is a form that allows you to report income, expenses, and all particulars related to your income tax for the current financial year. The form also helps you to calculate your tax liability to schedule payments or request for a refund. Every citizen of the country is required to pay taxes to the federal government on income earned, whichever way the tax rate and assessment are applicable. For the 2018-2019 assessment, the minimum tax applicable is set at 10% of your income and the maximum rate for high-value assessees is set at 37% of the income. There are multiple factors related to income and exemption that must be considered before you can calculate your tax return for the current assessment year, due in the month of April 2019. The Internal Revenue Service (IRS) classifies your income tax return into five different forms depending on the status of the assessee. These include: Form 1040 long form tax return Form 1040A short form tax return Form 1040EZ tax return for single and joint filers with no dependents Form 1040NR tax return for U.S. Nonresident alien Form 1040NR-EZ tax return for U.S. Nonresident alien with no dependents You must first identify the proper form applicable to calculate your income tax return.

The Internal Revenue Service or IRS deals with the common issue of preventing taxpayers from not reporting or underreporting their income. To combat the problem of not having a clear understanding of financial transactions, the IRS employs the 1099 tax forms. It is an “information return” that is used by the IRS as a report of taxable incomes which can not be considered as salary or is not withheld. The 1099 tax forms are a series of documents with each being designated one or a number of alphabets. The different designations are employed to report the different kinds of income. They must be filled out with the IRS by the entity or the person making the payment, with another copy being handed to the payment receiver. Types of 1099 tax forms to fill online Form 1099-MISC A worker who is self-employed or an independent contractor must receive the Form 1099-MISC from every business client that he/she works with and is paid. The amount should amount to at least $600 during the year of taxing. This would apply to people who undertake freelancing contracts with professions such as writing, consulting or art. The freelancers get hired by companies or individuals on a contract basis and the income received from each job must be listed or reported on the Form 1099-MISC.

One of the trickiest financial processes, according to many, is the tax return filing. While some may find it a daunting task, others may consider it an unnecessarily long one. Financial jargon scares most of us into staying far away and when it comes to filing tax returns, taxpayers find themselves in the middle of a lot of confusion, tax forms, and tax filing fees. Thanks to the advancement of technology and the numerous tax preparation software, the procedure is now a lot simpler and quicker. For those of you who are unable to pay to the financial advisors and auditors for filing the taxes, online filing of taxes is the easiest way out as it eliminates the consultation fees asked by the auditors. To file your tax returns online all you need is your personal information and tax forms in place and voila you would be through with the filing process. Here are four simple steps to e-file your taxes online free of cost. Read the article below to know more. Make sure all the information is in place Filing tax returns online is comparatively easier and less tiring as compared to filing taxes manually or through a financial advisor, provided that you have all your documents and information in place.