How filing your US income taxes works
Process map by Brian. 11 steps, 1 layer. Tags: personal finance, taxes, money.
- Employer: Takes tax out of each paycheck all year
- Employer: Sends you a W-2 in January
- You: Gather W-2s, 1099s and receipts
- You: Take the standard deduction or itemize?
- Tax software: Enter income and claim the standard deduction
- Tax software: Calculate tax owed and credits
- You: Did you pay in too much?
- IRS: Sends a refund in a few weeks
- IRS: May check the return and ask questions
- You: Pay the balance by the April deadline
- Tax software: List mortgage interest, charity and other deductions