My Korean-American Life

    How to Prepare for Your Tax Filing: Here's What You Need to Know Whether you're filing as an individual or a business owner, having your documents and financial records organized will help you maximize deductions and avoid common filing errors. Here’s a step-by-step guide to ensure you’re fully prepared for tax season. 1. Gather Your Personal Information Before you start your tax return, make sure you have the necessary personal details, including: Social Security Number (SSN) or Taxpayer Identification Number (TIN) for yourself, your spouse, and any dependents Bank account details for direct deposit of refunds Previous year’s tax return for reference, if applicable  2. Collect Your Income Documents The IRS requires you to report all sources of income. Depending on your employment status and financial activities, you may receive various tax forms, such as: W-2 Form : If you’re an employee, your employer will provide this form showing your wages and tax withholdings...

  Do You Need to File a Tax Return? Here's What You Need to Know (1) The IRS opened up the 2025 tax filing season for the 2024 tax year on Jan. 27, 2025. Tax season often creeps up on us like an uninvited guest, bringing with it a whirlwind of questions, numbers, and deadlines. Amid the shuffle of tax forms, one question echoes through many households: Do I even need to file a tax return? It's a fair question. For some, the answer is crystal clear. For others, it’s a confusing maze of rules and thresholds. Let’s navigate this maze together, shedding light on the key factors that determine whether you need to file a tax return. The Essentials: Income and Filing Status At its core, the answer to whether you need to file a tax return lies in how much income you earned during the year and your filing status (e.g., single, married, head of household).  Income Thresholds : The most straightforward determinant is your income level. If your gross income exceeds the IRS thresholds fo...