Business & Finance Taxes

How to Prepare Federal Taxes

    By Mail

    • 1). Obtain a copy of Form 1040, Federal Individual Income Tax Return, for the current tax year at your local Post Office, Government Agency or from the Internal Revenue Service Web Site (see Resources).

    • 2). Enter the information required on Form 1040 by using the Form 1040 Instruction booklet that comes with Form 1040 (see Resources). Form 1040 Instructions will guide you, step-by-step, through the process of entering the information required to complete Form 1040.

    • 3). Review the information entered on Form 1040 to ensure that it is correct. Sign and date Form 1040. Mail your federal income tax return to the applicable address, based on the state in which you live and whether or not you owe money to the IRS, from the "Where Do I File" list in the 1040 Instructions.

    Electronically

    • 1). Log onto the Internal Revenue Service Web site and choose the "E-file" link, located on the right-hand side of the IRS homepage. Click on the "Free Federal Online Filing" link.

    • 2). Choose the "I Will Choose a Federal E-File Company" link and review the list of Internal Revenue Service approved Tax Filing Companies where you can electronically file your tax return (see Resources).

    • 3). Click on the link of the Tax Filing Company of your choice and follow the prompts assisting you in filling out your Form 1040 electronically. Each Tax Filing Company will guide you through the process, only asking you to input your personal information and the numbers that it asks of you. Everything else will be figured electronically.

    • 4). Review your completed Form 1040 to ensure that all of the information you've entered is correct and print a copy for your records. Submit your tax return to the Internal Revenue Service electronically.

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