How to File Your Tax Return (2024)

Filing your taxes can be a daunting task. Gathering documents, sitting down with your calculator, and crunching the numbers. It may seem frustrating and leave you wondering about your options to file your return—and what you need to do it right. Learn how to file your taxes, whether you choose to do it on paper, with tax preparation software, or by hiring someone else.

Key Takeaways

You can prepare your taxes on your own, use online tax preparation software, or hire a professional tax preparer like a CPA.
No matter which method you choose, you will need to have certain information on hand to prepare your return.
The tax documents most filers need include a W-2 form from an employer and one or more 1099 forms for miscellaneous income like side gigs and interest payments.
You should receive all of your tax forms by the end of January of the filing year.

When Is the 2024 Tax Season?

Tax season for the prior tax year begins in the early months of the following year. For the 2023 tax year, the Internal Revenue Service (IRS) began accepting and processing returns on January 29, 2024.

Most taxpayers should receive all the documents and forms required by the end of January so they can file their federal and state income tax returns. Tax returns for the 2023 tax year are due on April 15, 2024. The IRS expects to see 128.7 million individual tax returns filed by that date.

How to Prepare Your Taxes

There are several ways to prepare your taxes. The three main options for tax preparation arehiring a tax professional, using tax software, or filling out the forms yourself.

Do It Yourself on Paper Forms

You can prepare your federal taxes the old-fashioned way, by downloading and printing the forms on the IRS website and mailing the completed return back to the IRS (along with a check if you owe a payment).

Another option is to fill out the forms online and submit the return electronically with a credit card payment. All the federal tax forms can be found using the Forms, Instructions, and Publications Search tool.

Use Tax Preparation Software

An intermediate option between filing your taxes and hiring a professional is to use tax preparation software for your federal and state returns. You input your information, and the software is designed to help you through the process step by step.

The best versions of these programs automatically fill in your previous year's information, which is convenient and encourages users to stick with the service. Some also offer professional support online, by phone, or both for a fee.

For the 2024 tax season, the IRS is testing a new, free electronic filing system without taxpayers having to go through a third-party service like TurboTax or H&R Block. Known as IRS Direct File, the system is only available to taxpayers in the following states:

Arizona
California
Florida
Massachusetts
Nevada
New Hampshire
New York
South Dakota
Tennessee
Texas
Washington state
Wyoming

Since the system is still in development, eligibility to use the tool depends on the taxpayer’s financial situation. The program can only be used to file 2023 federal taxes but does not apply to state income taxes. Click this link to see if you're eligible to use Direct File.

Popular tax preparation software packages to consider include:

Hire a Tax Professional

For taxpayers with complicated financial situations or a lack of confidence about financial matters, a tax professional may be a better option. Capable tax professionals can help minimize the amount you owe and maximize the deductions you claim.

You likely have numerous options for local, skilled tax preparation services to choose from. You might also be interested in a service that can connect you with a preparer online, like EY TaxChat. For small businesses, you might consider a full service accounting service, which can also handle your taxes, like 1-800Accountant.

Information and Forms You Need to File Your Taxes

No matter which method you choose to file your taxes, the first step is assembling information. Among other things, you need to document your filing status, taxable income, the amount of tax you've already paid, and any deductions and credits for which you may be eligible.

This means you will need to wait to receive all of your W-2s, 1099 forms, and other documentation, typically sent by the end of January, before filing your taxes. Here's what you'll need, depending on employment status and other life circ*mstances:

Names, dates of birth, and Social Security numbers for yourself, your spouse, and any dependents
Form W-2, which you receive from your employer (if you are an employee). This reports your income and the taxes already paid by your employer on your behalf
Form 1099-NEC (non-employee compensation), which you should receive if you earned more than $600 working for a non-employer entity, worked a contract job, or had a side gig.
Form 1099-MISC, which you would receive if you earned more than $600 in other income, including rents, prizes, fishing boat proceeds, or crop insurance payments.
Form 1099-INT, which you would receive from a bank or other financial institution if you earned more than $10 in interest during the tax year.
A record of your retirement account contributions

If you plan to itemize deductions, rather than take the standard deduction, these are the records most commonly needed:

Property taxes and mortgage interest paid. This typically appears on Form 1098, Mortgage Interest Statement, which you will receive from your mortgage lender. If you have no mortgage or do not have an escrow account paying your property taxes, you will need to keep a record of your property tax payments separately.
State and local taxes you paid. This is on the W-2 form if you work for an employer. If you are an independent contractor, you will need a record of the estimated tax payments you made quarterly throughout the year.
Charitable donations. Charitable donations are a tax-deductible expense; however, the amount you can claim is limited to a percentage of your adjusted gross income (AGI).
Educational expenses. Education expenses are money paid for tuition, fees, and other related expenses for an eligible student.
Unreimbursed medical bills. For tax year 2023, you can deduct the amount of unreimbursed medical expenses that exceed 7.5% of your AGI.
Last year's federal and state tax returns.

What's the Quickest Way to Get a Tax Refund?

Step 1 is to file early before a backlog builds up at the IRS. Step 2 is to file electronically—these returns are processed more quickly and you can generally get your refund in fewer than 21 days. It can take six months to process a return sent on paper, according to the IRS.

Why Does Filing Early Make Identity Theft Less Likely?

It gives an identity thief less time to find your information and file for a refund in your name. Thieves often use false deductions and other types of fraud to extract those refunds, which can taint your record and be complicated to unwind. The IRS has information on what to do if you suspect you are a victim of tax identity theft.

Is It Better to File Electronically or by Mailing in a Paper Tax Return?

Filing your tax return electronically is always better and faster. But be sure to take advantage of IRS protections, such as Identity Protection PINS, and establish multi-factor authentication if you do your taxes using an online provider.

The Bottom Line

Start gathering your information as soon as you can so that you can file your income taxes as quickly as possible. If you're owed a refund, you'll receive it more quickly the sooner you file. And even if you're not, you will make it less likely that you will be the victim of identity theft, a recurring problem during income tax season. You can figure your taxes on your own, with the help of a tax preparer, or by using software.