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.

February 2015
S M T W T F S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
 

Upcoming Tax Dates

February 2 Individuals who must make estimated tax payments
If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040) for 2014 by February 2. Filing your return and paying any tax due by February 2 prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by February 2, file and pay your tax by April 15.

February 2 All Employers
Give your employees their copies of Form W2 for 2014. If an employee agreed to receive Form W2 electronically, have it posted on a website and notify the employee of the posting.

February 2Payers of gambling winnings
If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W2G.

February 2 Nonpayroll taxes
File Form 945 to report income tax withheld for 2014 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax under the accuracy of deposit rules.

February 2 Social Security, Medicare, and withheld income tax
File Form 941 for the fourth quarter of 2014. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until February 10 to file the return.

February 2 Certain small employers
File Form 944 to report social security and Medicare taxes and withheld income tax for 2014. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more for 2014 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.

February 2 Farm employers
File Form 943 to report social security and Medicare taxes and withheld income tax for 2014. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.

February 2 Federal unemployment tax
File Form 940 for 2014. If your undeposited tax is $500 r less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.

February 2All businesses
Give annual information statements to recipients of certain payments you made during 2014 - Details

February 2Form 720 taxes
File Form 720 for the fourth quarter of 2014.

February 2 Wagering tax
File Form 730 and pay the tax on wagers accepted during December 2014.

February 2Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in December 2014.

February 10Nonpayroll taxes
File Form 945 to report income tax withheld for 2014 on all nonpayroll items. This due date applies only if you deposited the tax for the year timely, properly, and in full.

February 10Social security, Medicare, and withheld income tax
File Form 941 for the fourth quarter of 2014. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.

February 10Certain small employers
File Form 944 to report social security and Medicare taxes and withheld income tax for 2014. This due date applies only if you deposited the tax for the year timely, properly, and in full.

February 10Farm employers
File Form 943 to report social security and Medicare taxes and withheld income tax for 2014. This due date applies only if you deposited the tax for the year timely, properly, and in full.

February 10Federal unemployment tax
File Form 940 for 2014. This due date applies only if you deposited the tax for the year timely, properly, and in full.

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

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

February 13Regular method taxes
Deposit the tax for the last 16 days of January.

February 17Everyone
Federal Holiday (Washington's Birthday) - Details

February 17Individuals
If you claimed exemption from income tax withholding last year on the Form W-4, you must file a new Form W-4 by this date to continue your exemption for another year - Details

February 17All businesses
Give annual information statements to recipients of certain payments you made during 2014 - Details

February 17Publication 509 (2015)
All payments reported on Form 1099S, Proceeds From Real Estate Transactions. Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099MISC.

February 17Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in January.

February 17Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments in January.

February 18All employers
Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2014, but did not give you Form W4 to continue the exemption this year.

February 25Communications and air transportation taxes under the alternative method
Deposit the tax included in amounts billed or tickets sold during the last 16 days of January.

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

View More Tax Dates