Kemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Written By Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Kemberley Washington Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make i.
Tax Writer Deborah Kearns Mortgages ExpertWith two decades of experience as a respected journalist and communications leader in the mortgage field, Deborah Kearns is passionate about helping consumers make smart homeownership and personal finance decisions. Her work has appeared in The New Y.
Deborah Kearns Mortgages ExpertWith two decades of experience as a respected journalist and communications leader in the mortgage field, Deborah Kearns is passionate about helping consumers make smart homeownership and personal finance decisions. Her work has appeared in The New Y.
Deborah Kearns Mortgages ExpertWith two decades of experience as a respected journalist and communications leader in the mortgage field, Deborah Kearns is passionate about helping consumers make smart homeownership and personal finance decisions. Her work has appeared in The New Y.
Deborah Kearns Mortgages ExpertWith two decades of experience as a respected journalist and communications leader in the mortgage field, Deborah Kearns is passionate about helping consumers make smart homeownership and personal finance decisions. Her work has appeared in The New Y.
Updated: Jul 26, 2023, 11:30am
Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.
Getty
Given the ever-changing nature of tax laws, filing your tax return can be confusing and overwhelming.
While there are some situations when you may want to consider hiring a tax professional—like if you’re a business owner or have sold cryptocurrency—you can usually file your taxes yourself.
And it doesn’t have to be a stressful activity. With the right steps, you can file an accurate tax return and take advantage of many tax benefits.
As a dependent, you have different tax filing requirements that depend on the amounts of your earned and unearned income.
Earned income is income received as pay for work you actually perform. Unearned income includes amounts such as interest, dividends and capital gains.
If you’re a dependent and want to find out if you’re required to file taxes, review IRS Publication 501, “Dependents, Standard Deduction, and Filing Information.”
You may not be required to file a tax return but may want to do so anyway. That’s because you could qualify for a tax refund—money back—if any of the following situations apply:
If you need guidance on whether to file a tax return, use the IRS Interactive Tax Assistant tool.
Generally, the IRS begins tax filing season in late January; the season kickoff marks the official day the agency starts processing tax returns for the previous year. You have until the tax deadline to file, typically April 15.
If you find you need more time, you can request an extension.
A tax filing extension changes your deadline to October 15, giving you six additional months to submit your return. But while a tax extension gives you more time to file, it doesn’t give you more time to pay—tax payments are still due by the mid-April deadline.
If you decide to file your taxes without the help of a professional, take the following steps to complete your tax return:
Once your return is completed, give it a thorough review to double-check for errors.
Typically, if you expect a tax refund and file your tax return electronically, you’ll receive your money within 21 days. However, if there are any inaccuracies, your payment may be delayed.
No matter your tax situation, don’t delay filing your tax return. If you’re required to file but choose not to, the IRS may charge you penalties and interest for each month you fail to submit your return if you owe taxes.
The agency also could file a tax return on your behalf, known as a “substitute for tax return.” This return might not give you credit for dependents, deductions or other tax breaks you may be entitled to.
If you’re likely to receive a tax refund but fail to file taxes on time, you won’t face penalties or interests—but you still don’t want to wait. You may miss out on your refund if you file your tax return more than three years from the due date.
Was this article helpful?
Share your feedback Send feedback to the editorial team Thank You for your feedback! Something went wrong. Please try again later. Buying Guides For Taxes
By Kemberley Washington
By Natalie Campisi
By Kemberley Washington
By Janet Berry-Johnson, CPA
By Dawn Nici
By Kemberley Washington
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Tax WriterKemberley Washington is a tax journalist and provides consumer-friendly tax tips for individuals and businesses. Her work goes beyond tax articles. She has been instrumental in tax product reviews and online tax calculators to help individuals make informed tax decisions. Her work has been featured in Yahoo Finance, Bankrate.com, SmartAsset, Black Enterprise, New Orleans Agenda, and more. She frequently appears on NBC's WDSU news broadcast.
© 2024 Forbes Media LLC. All Rights Reserved.
Are you sure you want to rest your choices?The Forbes Advisor editorial team is independent and objective. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. This compensation comes from two main sources. First, we provide paid placements to advertisers to present their offers. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. This site does not include all companies or products available within the market. Second, we also include links to advertisers’ offers in some of our articles; these “affiliate links” may generate income for our site when you click on them. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. Here is a list of our partners who offer products that we have affiliate links for.
