Doing your own taxes?

More than 43.6 million Americans prepared and e-filed their own income tax returns in 2013, up 4 percent from the year before, according to the IRS. In addition to being more affordable than a storefront or accountant, online and mobile solutions have made doing your own taxes exceptionally easy and fast.

“Consumers now have everything for filing their own tax returns right at their fingertips,” says TaxACT spokesperson Jessi Dolmage.

The programs ask simple questions, covering tax law changes and maximizing your credits and deductions. After e-filing, you can be notified when your return is accepted by the IRS, and solutions like TaxACT help you check the status of your federal refund.

The process is already easy and fast when doing your taxes online or with a mobile app, but to make it even more of a cinch, follow these tips:

  1. Gather and organize your tax documents beforehand, including a copy of last year's return.
  2. Don't wait until the last minute. Rushing often leads to errors.
  3. Do an apples-to-apples comparison of do-it-yourself tax solutions. Some require you to upgrade if your return requires additional tax forms. You can avoid the gimmicks with TaxACT Free Federal since it includes all e-fileable forms for simple and complicated returns.
  4. The Affordable Care Act will have little to no impact on most Americans' taxes this year, but you may need to report information about your health care costs on your return. The amount you and your employer contribute to your employer-sponsored health coverage will be on your Form W-2 in Box 12, with Code DD. Although you must report the amount on your return, it does not impact the amount of tax you might owe. It's there simply to help you compare costs of coverage. Just enter the amount when prompted by your tax solution.
  5. E-file your return and choose direct deposit for the fastest possible refund. Unlike paper returns, e-filing allows you to know when your return has been processed by the IRS.
  6. Your tax program is like having an accountant at your side. The interview walks you through all the tax law changes, credits and deductions, but here's a peek at a few of the key tax breaks available on returns due April 15, 2014:
    • American Opportunity Credit - This is worth up to $2,500 per student for the first four years of college costs in a degree or certificate program. Costs may include tuition, fees and books. You also may be eligible to receive up to 40 percent ($1,000) as a refund.
    • Tuition and fees deduction - If you, your spouse or your dependent are enrolled in college, you may be able to deduct tuition, even if you don't itemize deductions. You generally take this deduction if you don't qualify for an education credit or other tax break for the same expenses.
    • Educator expenses deduction - Elementary and secondary educators can deduct up to $250 in related job expenses for books, supplies, computer equipment, other equipment and supplementary materials used in the classroom. Unlike most employee expenses, educator expenses are not reduced by 2 percent of your adjusted gross income.
    • Child and Dependent Care Credit - The maximum amount for the credit is now $3,000 if you have one child or $6,000 if you have two or more children. The children or dependents must be younger than 13 and childcare must be needed because parents work or attend school.
    • Child Tax Credit - The now permanent credit is $1,000 per child younger than 17. This credit may be claimed in addition to the Child and Dependent Care Credit.
    • Adoption credit - If you adopted in 2013, you may qualify for a credit up to $12,970 of your adoption expenses, including fees, court costs, attorney fees, traveling expense and other expenses directly related to and for the principal purpose of adopting an eligible child. If your employer provides adoption benefits, you may also be able to exclude up to the same amount from your income. Both a credit and exclusion may be claimed for the same adoption, but not for the same expense.
    • Deduction for mortgage insurance premiums - Also known as private mortgage insurance (PMI), you may be able to deduct mortgage insurance premiums as mortgage interest.
    • State and local sales tax deduction - For 2013, you can still deduct state and local sales taxes.

Learn more about these tax benefits at www.irs.gov and www.taxact.com/taxinfo. File your federal taxes free with TaxACT Free Edition at www.taxact.com.

March 2015
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Upcoming Tax Dates

March 2All businesses
File information returns (for example, Forms 1099) for certain payments you made during 2014.

March 2Farmers & fishermen
File your 2014 income tax return (Form 1040) and pay any tax due - Details

March 2Payers of gambling winnings.
File Form 1096 along with Copy A of all the Forms W2G you issued for 2014. If you file Forms W2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains February 2.

March 2 All employers
File Form W3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W2 you issued for 2014. If you file Forms W2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms remains February 2.

March 2 Large food and beverage establishment employers
File Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips. Use Form 8027T, Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.

March 2 Wagering tax
File Form 730 and pay the tax on wagers accepted during January.

March 2 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in January.

March 10 Employees who work for tips
If you received $20 or more in tips during February, report them to your employer - Details

March 11 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of February.

March 13 Regular method taxes
Deposit the tax for the last 13 days of February.

March 16 Corporations
File a 2014 calendar year income tax return (Form 1120) and pay any tax due - Details

March 16 S Corporations
File a 2014 calendar year income tax return (Form 1120S) and pay any tax due - Details

March 16 S Corporation election
File Form 2553, Election by a Small Business Corporation, to elect to be treated as an S corporation beginning with calendar year 2015. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2016.

March 16 Electing larger partnerships
Provide each partner with a copy of Schedule K1 (Form 1065B), Partner's Share of Income (Loss) From an Electing Large Partnership, or a substitute Schedule K1. This due date applies even if the partnership requests an extension of time to file the Form 1065B by filing Form 7004

March 16 Social security, Medicare, and withheld income tax
If the monthly deposit rule Page 6 Publication 509 (2015) applies, deposit the tax for payments in February.

March 16 Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in February.

March 25 Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the last 14 days of February.

March 27 Regular method taxes
Deposit the tax for the first 15 days of March.

March 31 Electronic filing of Forms W2
File copies of all the Forms W2 you issued for 2014. This due date applies only if you electronically file.

March 31 Electronic filing of Forms W2G
File copies of all the Forms W2G you issued for 2014. This due date applies only if you electronically file.

March 31 Electronic filing of Forms 8027
File Forms 8027 for 2014. This due date applies only if you electronically file.

March 31 Wagering tax
File Form 730 and pay the tax on wagers accepted during February.

March 31 Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in February.

March 31 Electronic filing of Forms 1097, 1098, 1099, 3921, 3922, and W2G.
File Forms 1097, 1098, 1099, 3921, 3922, and W2G with the IRS. This due date applies only if you file electronically. Otherwise, see March 2. The due date for giving the recipient these forms generally remains February 2. View More Tax Dates