For most people, completing an income tax return is probably not high on their list of favorite tasks. Fortunately, with a bit of preparation and organization, the process doesn’t have to be stressful. If you’re among those who dread tax season, here are some helpful tips to get ready.

4 Steps for Filing Your Income Tax Returns

1. Find Out Deadlines

April 15 is the main deadline for completing federal income tax returns. However, there are several others to keep in mind. For instance, freelancers and independent contractors must deduct the appropriate taxes from their earnings. They can make estimated payments throughout the year, typically in April, June, September, and January. Businesses such as partnerships, S-corporations, and C-corporations also have different schedules; check the IRS website for all official times.

2. Gather Important Documents

You will need documents such as W-2s and 1099s if you are an independent contractor. Employers and companies must send these out by January 31 of the upcoming tax filing season. If you are a homeowner, your lender will also send any mortgage interest statements. In the meantime, start gathering receipts and other documents to use for deductions like college expenses, child care, charitable donations, and home improvement projects.

3. Create Files

Organize all your documents in a file. Keep personal expenses separate from any business transactions. If you own a company or are self-employed, include items like toll receipts, as well as travel and other related documents, which come in handy for deductions. Organize your paperwork by month for quicker access. As a backup, scan the information to create PDF files.

4. File Your Returns

After receiving the W-2s, 1099s, and other financial statements, you’re likely ready to file your income tax returns. Handle your state return too if you live in an area that requires it. Accuracy is paramount, so double-check all figures and ensure your Social Security numbers are entered properly.

The coming season doesn’t have to be filled with anxiety and fear. If the thought of filing an income tax return is stressful, turn to Selph and Friday, CPA, in Texarkana, TX. They help individuals and business owners navigate the process. Since 1986, these agents have worked with a wide range of clients, providing personalized attention. To set up an appointment, call (903) 792-0281 today. Visit the website for information about their services, including assistance with IRS audits.